February 6, 2024 11:15 AM | 2 min read
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Solana (CRYPTO: SOL), the high-speed blockchain known for its recent surge in activity, faced another hiccup on Tuesday with a five-hour outage.
This disruption caused its native token, SOL, to dip from around $96 to below $94.
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Although SOL has since recovered somewhat, it remains down 2.5%, underperforming the broader crypto market.
This wasn’t Solana’s first rodeo. Back in April 2023, the network suffered a nearly two-day outage, raising concerns about its reliability.
Tuesday’s incident, while shorter, follows a similar pattern and highlights ongoing challenges with the platform’s stability.
What Happened To Solana This Time?
According to Solana Status, the official communication channel, the outage began around 9:53 UTC and lasted until 14:57 UTC.
The outage is attributed to a bug in the v1.17.20 update, requiring a network restart and upgrade to resolve. Engineers were able to restore operations relatively quickly and the network is functioning again.
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Validators And Snapshots: Understanding The Jargon
For those unfamiliar with blockchain terminology, here’s a quick breakdown of some key terms mentioned:
- Validators: These are the individuals or entities responsible for verifying transactions and maintaining the accuracy of the blockchain. Think of them as the security guards ensuring everything runs smoothly.
- Snapshots: These are essentially backups of the blockchain at specific points in time. Think of them as save points in a video game, allowing the network to potentially revert to a stable state if something goes wrong.
Root Cause, Future Implications
Solana’s core developers are investigating the root cause of this outage and will release a report once their analysis is complete.
Understanding what triggered this issue is crucial to prevent similar disruptions in the future.
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Photo via Shutterstock.
“Start 2024 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to start 2024 strong with 12 hot stock ideas every single month. ACT FAST.
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