Solana's Price Dramatically Plummets After Its Recent Global Outage 14

Solana’s Price Dramatically Plummets After Its Recent Global Outage

  • Solana suffers another global outage that lasted nearly four and half hours. 
  • This is the second network outage that the blockchain has encountered this month. 

Cryptocurrency Solana suffered a major global outage on Wednesday, resulting in the network halting its activities temporarily. The network outage that lasted for nearly four hours ended up impacting the prices of Solana (SOL) dramatically. According to Coinmarketcap, the outage negatively affected the prices of SOL which plunged nearly 13% over the past 24 hours to $38.60. 

Solana Encounters Its Second Network Outage In A Month

One of the leading cryptocurrencies by market cap, Solana fell nearly 13% after suffering from a global network outage that affected its prices negatively. This was the second major outage that the network had undergone in a month. 

The massive outage resulted in the network temporarily halting its services. For the time being, the network validators were unable to process blocks, propelling the network to shut all of its applications. The block production was initially halted around 10:25 PM IST, which lasted for nearly four and half hours. To fix the recent outage, the validators had to restart the Solana mainnet.

Solana’s co-founder Anatoly Yalovenko later took to Twitter to issue clarifications, adding that the recent global outage was caused due to a bug that prompted the nodes to generate different outputs, triggering a consensus failure. 

“Durable nonce instruction caused part of the network to consider the block is invalid, no consensus could be formed. The network is restating with a durable nonce feature disabled.  Fix for durable nonces will be out asap.” Yalovenko later tweeted

The recent network outage attracted an array of community backlash that flooded Twitter soon after the network went offline. 

This isn’t the first time that Solana has undergone a complete network shutdown. The blockchain has a history of suffering through frequent service interruptions, nearly seven times, in the last year. 

However, after its recent network meltdown, Solana’s price has plunged nearly 14% and is currently sitting at $38.60.