Yesterday was a Black Tuesday of some sorts for self-acclaimed Ethereum killer Solana after it suffered downtime due to transaction overload. Ethereum layer-two scaling solution Arbitrum One was not left out of the fray as it went offline for some 45 minutes for almost the same reason.
As reports noted, at the time Solana blockchain abruptly shut down preventing it from verifying transactions further, it was processing 400,000 transactions per second. The surge in transaction volume led to a denial-of-service causing the network to fork. Attempts by Solana engineers to bring the network back on track did not yield results. Eventually, the validator community resolved to restart the network via a new release.
SOL’s Price Affected By Blockchain Downtime
As of press time, Solana was back online. However, the Tuesday downtime caused SOL, Solana’s native cryptocurrency to bleed by 15%. SOL attained a high of $171 on its price after climbing to an all-time high of $215 last week Tuesday.
Solana blockchain has witnessed a transaction surge against the backdrop of the increase in DeFi and NFT-related activities on the network. DeFi enthusiasts and NFT collectors have had their attention drawn to Solana due to its low cost and higher throughput, unlike Ethereum. Although Ethereum is the hub of decentralized applications, high gas fees have been a major turn-off.
The Tuesday attack takes the form of 51% or majority attacks where a single code or entity controls the majority of the hash rate and can prevent the blockchain from confirming any other transaction. The consensus among the nodes usually prevents the network from witnessing such an attack. The Bitcoin blockchain has been touted to be capable of fending off a 51% attack due to its broad network comprising miners.
Arbitrum One Sequencer Experiences Transaction Overload
Arbitrum One joined in on the Tuesday setback. The Ethereum layer-two scaling solution revealed that its sequencer had tripped off for a quarter of an hour. Although it assured users that their funds were safe, Arbitrum One stated that new transactions could not be added during the network setback. Arbitrum One’s dev team, Offchain Labs noted that the network was still in its early phase and would possibly experience more downtimes of the same nature.
The team explained in detail the reason for the downtime, attributing it to a bug that caused the sequencer to malfunction. This happened after the network was flooded with a series of transactions over a short duration and more than it could handle.
Meanwhile, a hacking attempt on Ethereum on the same day was unsuccessful. The unidentified hacker had created an invalid chain, luring a part of nodes on Ethereum to join the chain. A large section of the nodes rejected the invalid sidechain, developer Marcus Van Der Widjen reported. He revealed that the affected nodes had been reinstated to the original chain.