Solana, formerly dubbed Ethereum’s killer, encountered a problem with its network on Saturday. The issue spurred an instant decrease in its intrinsic value. Operators are working earnestly to rectify what went wrong.
The Problem With Solana
Earlier on Saturday, a node blooper caused the Solana blockchain to malfunction. The whole network went offline, halting transactions from going through. The Solana team reached out to validators regarding restoring power to the block.
They requested validators to stake at least 80 percent of their SOL to get the network back online. Due to the mainnet’s flop, the Solana token’s price fell. According to CoinMarketCap, it lost 6 percent in twenty-four hours.
Meanwhile, this is the fourth time Solana will undergo network failure in 2022. It saw a similar scenario on September 14, 2021, which put the network out of business for eighteen hours. Also, some months back, it got hacked, resulting in millions of dollars in SOL tokens getting stolen.
Solana’s team provided information on diagnostics and solutions to fix its beta mainnet in a tweet. They asked beta validators to reboot the beta mainnet. Also, they made them find log codes for slot 153139220 to restart it.
One of the developers, Laine, posted several tweets with details of the situation. She said the error resulted in a fraction of the network becoming irretrievable. Then furthermore implored validators to find consensus on the appropriate data.
Stakewiz.com, a validator tracking platform, related that validators have begun working on rebooting the network. At press time, it is fifty-seven percent done. Once staking is up to eighty percent, it will be up and running.
Solana’s Value Depreciated Following Mainnet Disruption
After the problem with Solana’s mainnet sprung, its price dived. CMC estimated a 6 percent decline in SOL within 24 hours. It hit a daily high of $35.20 and a low of $32.64.
Since it got knocked over from its November 2021 all-time high of $259.94, it has not been the same. SOL lost vigor afterward. CMC calculated an 87 percent loss in its value since then.
There was a time Solana was tagged Ethereum’s killer. Then, it displayed rivalry against ETH. Developers were trooping to Solana to build their projects.
However, it could not hold off when turbulence hit the crypto market. Besides, the network started facing several difficulties from nodes, validators, and hackers. It became vulnerable to attacks.
It ranked third among the top five digital assets on CoinMarketCap, chugging behind Ethereum. That sparked the belief that it would overhaul ETH.
Meanwhile, all that changed after it started declining drastically. The last ten months have seen SOL tumble. It fell from its November high to a low of $22 after the bear market struck.
Anatoly Yakovenko, a co-founder of Solana, expressed empathy with the SOL community. He stated that the constant disappointments in the mainnet seem like a curse. But developers are at work to seal all loopholes existing within the network.
Solana was trading at $33.06 at the time of publication. Without SOL’s network rebooting soon, its price might slump further.