Solana (SOL) has lost 155 percent of its value in the last 24 hours, despite Ethereum increasing its value
Increasing Ethereum, Solana (SOL) has dropped 155 of its value over the last 24 hours after going through a denial-of-service destruction. Solana recently declared on Twitter that Solana’s mainnet beta had been going through intermittent instability over a 45-minute period.
After six hours of declaring this Solana gave details on how they witnessed a large increase in transaction load to 400,000 per second had impressed the network to built a denial-of-service and cause the network to start separating. “Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue and lack of prioritization of network-critical messaging caused the network to start forking.”
There are Solana’s engineers who are failing at stabilizing the network its validator community chose to coordinate a reboot of the network. Solana’s community is preparing a new release at the moment which will give more details expected to be released soon. This whole incident has hit some confidence in Solana with prices decreasing by 15% in 12 hours. SOL had already return from its all-time-high of $215 to trade under $175 prior to the incident news of the blackout witnessed the decrease of prices down to $145.
Solana is not the only high-profile crypto network to have gone through downtime with Ethereum layer-two rollup network Arbitrum one stating that its sequencer went offline for around 45 minutes. While Arbitrum one emphasized that user fund “were never at risk,” where latest transactions couldn’t have been submitted during the period. OFFchain Labs the team which is building Arbitrum One said that its network is still in beta and warned that “further outages are possible in these early days.”
The team owes the pause to a “bug causing the sequencer to get stuck” after a huge batch of transactions which were given to the Arbitrum sequencer over a short period of time.