Solana Price Drops 14% in 12 Hours After A 6-Hour Outage

Even though the year is just five months old, Solana has already had its fifth outage of 2022. This time, a bug-related consensus failure was to blame, according to the reports.

Solana Labs co-founder Anatoly Yakovenko explained what happened in a tweet:

“Durable nonce instruction caused part of the network to consider the block is invalid, no consensus could be formed”

Engineers prepared an update to fix the problem, which temporarily disabled the persistent nonce transaction feature until a full solution is developed.

Solana touts itself as a high-performance blockchain. But over the last year, it has suffered numerous outages and suffered from block congestion.

Solana had a similar outage in September owing to “resource fatigue,” which resulted in a denial of service across the network.

An inflow of “heavy compute transactions” caused the network to slow down again in January, causing many others to fail. Millions of NFT transactions led the network to jam and go down again just last month.

Solana is recognised for having a throughput of up to 50,000 tps, allowing for faster and less expensive transfers than other chains.

Naturally, the community reacted negatively, with comments like this flooding the site’s feed: “Get it together Solana. We should be past this already. I’m big believer but I’m even doubting at this point.”

Sol Price Tanks

According to CoinGecko, SOL prices have plummeted about 14 percent in the last 12 hours, falling below $40. The network’s native token has dropped 85% from its all-time high of $260 in November 2021, and it is on the verge of falling out of the top ten by market value.

What Is Solana?

Solana (SOL) is the Solana blockchain’s native and utility crypto asset. SOL is a cryptocurrency that was launched in March 2020 and is used for value transfer on the blockchain. It also helps to secure the blockchain through staking.

Currently ranked ninth on CoinMarketCap, SOL is now one of the largest cryptocurrencies after Bitcoin, Ethereum, Binance Chain Coin (BNB), XRP and Cardano.

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Sahil likes to use his great writing skills to curate articles about Crypto and KPOP here at Clout News.