Institutions have been betting big on Solana investment products of late. In fact, it represented a massive 86.6% of total weekly inflows to crypto-investment products. In doing so, Solana has been standing tall, even when compared to Bitcoin and Ethereum. CoinShares’ Digital Asset Fund Flows Weekly shed further light on this “hot” altcoin and its […]Establishments have been betting big upon Solana investment products recently. In fact , it represented a huge 86. 6% of overall weekly inflows to crypto-investment products. In doing so, Solana has been standing tall, even if compared to Bitcoin and Ethereum.
CoinShares’ Digital Asset Account Flows Weekly shed additional light on this “hot” altcoin and its dominance. Or at least, which was the case until recently.
Made it happen bite more than it could munch?
Well, unfortunately, that may have already been the case.
Solana is in this news today after Solana Position, the official SOL support accounts, informed the community that the mainnet beta was experiencing “intermittent instability” over a 45-minute time period. It added,
Post Mortem findings
After further analysis, Solana Status revealed that the huge increase in transaction download to 400, 000 for each second had overwhelmed the particular network. Transaction processing lines were consequentially “flooded, ” with the lack of “prioritization associated with network-critical messaging causing the system to start forking. ”
In spite of many attempts, the technicians were unsuccessful in backing the network. The aforementioned forking led to excessive memory intake, leading to some nodes heading offline. Soon after, the validator community opted to organize a restart of the system.
“…the community is planning a new release, and directions will be posted in Discord, ” a later twitter update noted.
At the time of writing, the particular Solana validator community experienced “successfully completed a reboot of Mainnet Beta right after an upgrade to 1. six. 25. ”
“Dapps, block explorers, plus supporting systems will recuperate over the next several hours, from which point full functionality ought to be restored. ”
The unexpected downtime led to a lot of misunderstandings within the community. Solana, regarded as by some as a immediate rival of Ethereum, noticed a sharp decline in its cost soon after.
With press time, SOL has been trading just shy from the $162-mark, with corrections of approximately 4% in 24 hours.
Nevertheless , this isn’t the first time that Solana has experienced downtime. Exactly the same mainnet beta network took place for about six hours keep away from 2020. Engineers, even after that, voted to restart the particular network.
Solana isn’t the only real project in the news nowadays, however. Ethereum’s layer-two rollup network Arbitrum One experienced a similar fate. The Arbitrum Sequencer went offline meant for roughly 45 minutes.
“The cause of the downtime was a pest causing the Sequencer to get trapped when it received a very big burst of transactions within a short period of time. The issue continues to be identified and a fix continues to be deployed, ” a report noticed.
These incidents and black outs aren’t new. Consider IOTA, for instance. The project’s mainnet was infamously down just for 11 consecutive days. Based on many, these incidents are already instrumental in pushing the particular altcoin down the charts as time passes.
Will Solana suffer exactly the same fate then? Well, just time will tell.
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