By Shelly Melancon (Switzerland)
Popular blockchain, Solana, experienced a network issue last week. After due findings, Bloomberg discovered that the issue arose due to multiple identical transactions that caused network instability.
Fortunately, the team has disclosed that they have upgraded the version to 1.8.14 to mitigate these effects. However, that’s not the end, as the team will be enhancing the version in the coming weeks until it can fully put a halt to the frequent issues.
Issue Occurs Amid Market losses
The price fall of cryptos has been blamed for the recent problem on the Solana chain. Solana’s co-founder Anatoly Yakovenko pointed fingers at the worsening crypto market as the sole reason for the network’s issues.
According to the team, a heavy traffic on the mainnet was witnessed over the course of one week, as users’ transactions came in volumes. Solana’s mainnet was incapable of handling the massive transactions.
The network team put out a notice on its website that the chain’s mainnet beta was highly congested. The recent hike in network transactions shows that Solana needs to upgrade its systems as soon as possible to accommodate the demands now prevalent on the chain.
Also read:Though Yakovenko and its team agree that the market’s volatility is the reason for the recent mishap, the market was never responsible for the previous network issues. In September, Solana faced far worse devastating issue that led to a 17-hour power outage caused by exhaustion, according to the findings of the engineers. The team had to restart the chain after all efforts to remedy the situation failed.
The network experienced a similar issue in December following SolChick’s IDO launch on Raydium. According to Solana, the network slowdown was caused by oversubscription, as users wanted to gain access to the SolChick’s token to play the multiplayer P2E game.
As of Monday January 24, Solana confirmed that its network is fully functional. Users are hoping that this time, the team won’t go back on its words.
Crypto Bloodbath Worse in Six Months
The market has been in the red zone for most of the period this year, but Friday’s crypto bloodbath further buttressed the point that all wasn’t well with the crypto market. Bitcoin dropped to below $38 as of the time of the crash, the lowest recorded in six months.
Other major cryptos, such as Ethereum also declined to $2.5k, after attaining an A.T.H. of $4k back in November. Solana wasn’t left out, as it shed over 30% within 7 days.
Bloomberg reports that virtual currencies reportedly lost over $1T in value, with BTC 50% away from its November A.T.H.
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