After 5 hours of outage, Solana developers successfully brought the Solana network active.
Solana (Sol) is a popular Proof-of-Stake (PoS) crypto network which is mainly known for its highly scalable blockchain network. In 2021, Solana grabbed huge popularity & also huge attention among crypto traders because of the big pump in the trade price of Sol coin.
On 6 Feb 2024, The trade price of Sol coin crashed 5% within a couple of hours. The current trade price of Sol coin is $96.4 & this trade price is 0.5% higher than the last 24 hours’ trade price.
The sudden downfall in the trade price took place because of the Solana network outage news.
Yesterday, the Solana mainnet network was down for nearly 5 hours. Which means all the on-chain activities stopped on Solana.
Because of this outage, many crypto traders faced fund withdrawal-related issues on the exchanges. Following this network outage, the upbit crypto exchange suspended the withdrawal of Solana-based tokens such as Solana’s SOL, GMT (GMT), Raydium (RAY) and Access Protocols (ACS).
This outage for the Solana network was not for the first time, earlier it happened with Solana multiple times. In 2023, the Solana community developers spent a huge time fixing all the bugs linked with the Solana network but it seems that Solana is going to face such bugs continuously in the future.
Some crypto experts said that it would be better to leave the journey with the Solana vehicle because any big outage will ruin the portfolio’s wealth.
On one side Solana blockchain proponents claim that the Solana network is still in the beta phase and here we should wait for the final mainnet version. Otherside, some people said that it is usual for Solana proponents to hear about network outage-related news but they need to understand that the Solana network is itself a very big failure because transaction speed at low fees is not all about the success of any blockchain network.