The Solana (SOL) network is suddenly having problems again. This morning, February 6th at 10:22 UTC (11:22 Dutch time), the network went down.
The Solana network is experiencing major disruption
The network outage affected users due to the processing of transactions and the production of new blocks on the Blockchain from Solana took longer than 25 minutes.
That’s a significant delay compared to the usual 400 milliseconds at which this is supposed to happen.
The network status page indicates that there is a major outage and that it is being investigated:
“Engineers Across the Ecosystem Investigate Mainnet Beta Outage”
The developers immediately started fixing the problem. They have now developed new software to resolve the network failure.
The Solana team has just released the new software on GitHub, along with instructions for a restart Validators. Validators process the transactions on the network and create new blocks.
Restart instructions can be accessed directly here
– Solana Status (@SolanaStatus) February 6, 2024
Validators now also create so-called Snapshots of the network. Snapshots are a view of the network at a specific point in time.
They then take a snapshot of the last confirmed block. The last confirmed block is the last one that all validators processed and was confirmed by a majority.
By using this point, validators ensure that no transactions are reversed.
Previous incidents and impact on the SOL course
Although the problem appears to have been resolved relatively quickly, this is of course not good for the network’s reputation.
Most competitors don’t have nearly as many failure issues. This is the eleventh time for Solana in just two years.
The disruption isn’t just limited to the network itself either. A number of major crypto exchanges, including Upbit, have announced that they are temporarily suspending SOL deposits and withdrawals.
The impact of the network disruption is directly reflected in the Solana price. The price of SOL has fallen slightly in the last few hours. SOL fell from $96 to $93, a decline of more than 3%. However, the price has been in a downward trend for the past few days.