Solana coin price plunges as blockchain suffers another glitch

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Solana prices were hit by another major outage that brought network activity to a halt.

Nick Valdez, the cryptocurrency expert, and host of the NFT Alpha show, first brought the development to the public’s attention via Twitter after a series of speculative mentions. Hours later, Solana’s official Twitter handle confirmed the report early Saturday morning.

According to the handle, there was a network outage that prevented transactions from being processed. The Solana team assured the community that web developers were already working to resolve the issue.

This incident marks the fourth time this year that Solana has suffered a major outage. The network is known in the cryptocurrency community for its occasional blackouts, and some advocates cite this pattern as a reason to avoid the chain.

After the outage was confirmed, Solana shared a document describing steps verifiers should take to help resolve the issue. As of press time, the network has been successfully restarted and is fully operational.

Despite the resolution, the network outage lasted for more than eight hours. Solana prices, like the rest of the market, fell during this period. While it may be impossible to blame the current Solana price situation on this outage, there is no doubt that the company has suffered from network outages in the past.

At press time, Solana is currently trading at $32.98, down 3.43% over the past 24 hours. The asset has been in bearish mode since falling from a high of $47.90 on August 13. It was in free fall between August 13 and August 19, falling below the $40 level. Since then, Mr. Solana has not visited the $40 area.

Limited information has surfaced about the root cause of the problem, and Laine Stakewiz, the blockchain company that operates the Solana node, recently shared some insight into the matter.

Around 22:40 (UTC) on Friday, several Solana validators stopped voting. Friday Upon learning of the issue, operators gathered on Discord to discuss a solution. It has been confirmed that no new roots are being generated and the network appears to be at a standstill.

According to Laine Stakewiz, one verifier noticed that an invalid block was being shared. This event itself should not be a major problem, as it can be resolved by the network. Nevertheless, the validator appears to be generating invalid blocks in both “instances.” This behavior led to the creation of a fork.

This fork, in turn, led to a complex code path that the validator was stuck on. Attempts to switch to the main fork of Solana did not work and the network came to a halt. After discovering the core problem, the developer noted that a cluster restart was necessary to resolve the failure.

》Chinese Version

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