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June 1, 2022

Solana Blockchain Stopped for 8 Hours

According to tweets from the project’s Twitter account, Solana is suffering yet another outage but will shortly be restored.

According to block explorer statistics, Solana has not processed any blocks or transactions since shortly after noon UTC on June 1.

The Solana team blamed the incident on Twitter to a fault in the durable nonce transactions feature of the blockchain. This resulted in non-determinism, as various nodes returned different outputs for the same block and were unable to establish agreement.

Solana stated that both the network and the cash are protected. It has also issued restart instructions for validators within the last hour, indicating that the network will soon be operational again.

Solana has often experienced outages and congestion issues. The most recent incident happened on April 30 when bots that mine NFTs overwhelmed the network with transactions.

Prior to today’s outage, there were at least four earlier events, including a 47-hour outage in January 2022, at least two incidents in December 2021, and at least one incident in September 2021.

Today’s downtime seems to have caused the Solana (SOL) token to lose 10.9 percent of its value in the last 24 hours. Additionally, it is down 84% from its all-time high of $259.96, reached in November 2021.

However, this tendency is expected to be exacerbated by a widespread market decline in cryptocurrencies. Bitcoin, a market benchmark, is down 5.7% over the previous 24 hours and down 56% from its all-time high, which was also reached in November 2021.

Solana is considered a contender to Ethereum owing of its high transaction throughput, which Ethereum has not yet attained. Additionally, the large exchange FTX, which has worked substantially on the project, has been a strong supporter.

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These benefits have allowed SOL to become the ninth-largest cryptocurrency by market capitalization. However, persistent outages will probably harm its market worth and reputation.