A status update provided by the protocol indicates that the most recent Solana disruption, which lasted for five hours, has been finished.
Block production was reinstated on the Layer-1 network five hours following the Solana disruption. A recently released update verified that the five-hour-long Solana disruption commenced at 09:53 UTC has been resolved.
As a result, block production has resumed as usual on the beta mainnet. Significantly, the resumption was feasible due to validator administrators performing a restart of the cluster and a successful upgrade to version 1.17.20.
Despite the resolution of the Solana disruption, the mainnet engineers will continue to monitor the system’s performance. Furthermore, the root cause report will be promptly accessible after the compilation by the primary contributors.
Earlier today, the Solana ecosystem experienced a significant performance degradation, resembling previous protocol assaults. Although additional assaults on the Solana ecosystem have occurred since the start of this year, this is the first considerable disruption that will suspend all operations.
Certain authorities have ascribed the Solana disruption and others that have transpired prior to this to the system’s design. To provide context, Solana consensus is executed on-chain, which means that all validator communication occurs on-chain in the same manner as a transaction. This results in an exponential increase in transaction volume and TPS, followed by the Solana outage.
Solana’s Fate After the Network Slump
The incident regrettably resulted in a disruption of Solana’s services. Upbit, a prominent cryptocurrency exchange, temporarily suspended deposits and withdrawals of SOL, GMT, RAY, and ACS tokens.
As per Upbit’s statement, restoring SOL staking services is contingent upon restoring regular network operations. This action aims to guarantee consistent deposit and withdrawal services for users in light of the network’s deteriorating performance.
Similarly, Charles Hoskinson, the founder of Cardano, made fun of the Solana network following the disruption, highlighting the persistent competition between the two networks.
As a result of the Solana outage, the price of SOL dropped slightly, but now that the system is operational again, the coin is likely to regain its favorable momentum. SOL was being traded at $95.53, reflecting a twenty-four-hour decline in value of 0.49%.
