NewsSolana (SOL)Trading

Solana Experiences Another Network Issue Amid Crypto Bloodbath

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:  Price Analysis October 31st, 2024 - BTC, BNB, ETH, SOL, XRP, and DOGE

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. 

📰 Also read:  Howard Lutnick Backs Trump's Economic Policies as Boost for US Prosperity

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. 


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Crypto.com Files Suit Against SEC After Receiving a Wells Notice From the Regulator

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content