Solana Price Drops As Blockchain Fails Again

Source: AdobeStock / Jorge Eduardo

Solana’s price fell amid another major disruption that hurt network activity.

Cryptography expert and NFT Alpha show host Nick Valdez first brought the development to public attention on Twitter after a series of speculative mentions. Hours later, Solana’s official Twitter account confirmed the message in the early hours of Saturday.

According to the pseudonym, the network went down and transactions were no longer processed. The Solana team has assured the community that the network developers are ready and willing to address the issue.

The incident marks the fourth time Solana has experienced a major outage this year. The network is currently notorious in the crypto community for its random failures, with several proponents citing this model as a reason to stay away from the network.

After confirming the closure, Solana shared a document with instructions for validators on the steps to take to help resolve the issue. The network was successfully restarted during printing and is fully operational.

Despite the decision, the power outage continued for more than 8 hours. Solana’s price has declined in tandem with most markets over this period. While it would be nice to attribute Solana’s current price situation to the recent outage, the asset has undoubtedly suffered from grid outages in the past.

Solana is currently trading at $32.98 at press time, down 3.43% in the last 24 hours. After falling from a high position of $47.9 on August 13, the asset fell into a downtrend. The asset experienced a free fall from August 13 to 19, bringing it back below the $40 mark. Since then, Solana has not visited the $40 zone again.

What caused Solana’s recent crash?

There is limited information available about the root cause of the problem. Laine Stakewiz, the blockchain company behind Solana’s nodes, recently shared information on this.

Several Solana validators stopped voting around 22:40 (UTC) on Friday. The operators were alerted to the problem and gathered on Discord to discuss it and find a solution. The network appeared to be blocked, as it was confirmed that no new roots were being created.

According to Lane Stakevis, it was noticed that the validator shared an invalid block. The incident itself should not cause a major problem as it can be resolved with the help of the network. However, the validator seemed to be on two “instances”, each producing an invalid block. This act led to the creation of the fork.

The fork, in turn, led to a confusing code path with validators stuck on it. Failover attempts to the main fork of Solana were unsuccessful, resulting in a halt in network activity. After discovering the underlying problem, the developers noted that a cluster restart was required to resolve the failure.

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