Solana has experienced a decline of over 3% in value in response to a “major outage” on the Solana network. According to data from CoinMarketCap, Solana’s price today is $93.80 USD, with a 24-hour trading volume of $1,641,800,214 USD. Solana is down 4.48% in the last 24 hours. This dip comes amidst a notice on Solana’s status page indicating a “major outage” on the mainnet-beta cluster, with engineers investigating the cause.
Source: CoinMarketCap
After several hours of downtime due to an outage, the Solana network is back online and producing new blocks thanks to a software update. The Solana Foundation released validator software version v1.17.20 to address the issue causing the network to halt. Once the Solana Status X account confirmed the fix’s distribution, validators could restart the network. With the software update deployed, SOL has recovered from the outage.
Solana Faces Outages Despite Firedancer Solution
Solana has suffered from periodic outages, with a significant 20-hour outage in Feb 2023. That event happened months after co-founder Anatoly Yakovenko claimed the new Firedancer client offered a long-term solution to network stability issues. Jump Crypto developed Firedancer to provide a backup client for validators during outages on the existing software.
Despite progress on solutions, some developers criticize Solana’s architecture for periodically allowing such outages to disrupt a live mainnet. However, network activity has remained strong, with trading volume on Solana DEXs briefly surpassing Ethereum DEXs last week amid a surge in interest.
SOL prices falling from weekly highs above $100 may prompt traders to view the network outage as a reason to take profits or to wait on the sidelines until stability is restored. Overall, SOL maintains strong developer and user adoption, but its technical growing pains continue to rear up and impact SOL markets occasionally. As engineers analyze the cause of this latest outage, the community awaits solutions to provide the robustness and reliability expected of a top decentralized network.
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