Solana, the ambitious blockchain ecosystem, showcased its resilience in the face of adversity, experiencing a significant network outage that temporarily impacted its cryptocurrency value. The recent dip in SOL’s price, dropping to $93.36 during the outage, highlighted a challenging moment for the blockchain platform. However, the subsequent rapid recovery, with SOL currently trading at $101.80, reflects the network’s ability to bounce back, marking a notable 6.6% increase in the past 24 hours.
Source: Coingecko
Solana: Price Stagnation, Surge, Outage Recovery
Amidst weeks of relative price stagnation, where SOL fluctuated between $90 and $99, Solana’s recent surge contrasts sharply. This period of minimal price change mirrored a cautious sentiment prevailing in the cryptocurrency market, contributing to a 10% correction in Solana’s value, painting a tentatively bearish picture.
The network faced a four-hour and 46-minute outage, causing considerable disruption. Despite the setback, Solana’s developers swiftly addressed the issue by implementing a new software patch from Solana Labs. The recovery process involved mainnet validators restarting their nodes with the updated software, emphasizing the platform’s commitment to stability.
Block production on Solana mainnet beta resumed at 14:57 UTC, following a successful upgrade to v1.17.20 and a restart of the cluster by validator operators. Engineers will continue to monitor performance as network operations are restored.
The outage began at approximately…
— Solana Status (@SolanaStatus) February 6, 2024
Though the Solana Foundation has not issued a formal statement regarding the outage’s cause, a tweet by VanEck’s Head of Digital Assets Research, Matthew Sigel, suggested a potential bug identified and patched on Solana’s testnet might be responsible. This tweet gained traction as Solana’s co-founder, Anatoly Yakovenko, and other notable developers reshared it, underlining its significance.
Solana outage, what happened?
BPF loader, the “Berkley Packet Filter,” which is the mechanism to deploy upgrade and execute programs on Solana, failed. This seems to relate to a previous SMID (Solana Improvement Proposal) that altered some of the features including the adding a…— matthew sigel, recovering CFA (@matthew_sigel) February 6, 2024
This incident isn’t the first time Solana faced prolonged network issues; approximately a year ago, a 19-hour blackout occurred after a…
Click Here to Read the Full Original Article at NewsBTC…
