While the crypto market was bleeding greatly on Friday, Solana experienced another network misstep that caused panic amongst traders and DeFi users throughout the crypto neighborhood.
48-hour Solana Network Outage
The Solana network has suffered numerous issues within the last few months, and this existing occurrence is the second in January. But unlike other events, the current failure lasted about 48 hours.
The Solana team stated they initially noticed the misstep on Friday, January 21 2022, at about 00:00 UTC.
“The mainnet-beta cluster is experiencing some performance degradation, we are currently examining the problem,” the team composed.
The examination lasted more than 24 hours before the team was able to recognize the cause on Saturday at 17:55 UTC.
According to the short report on the Solana Status page, the problem was brought on by “extreme duplicate transactions” done by bots.
The problem was solved today (Sunday), at about 16:19 UTC after the release and adoption of v1.8.14, which was created to “mitigate the worst effects of the problem.”
“These upcoming releases are focused on improving the state of the network, with more enhancements anticipated to present in the next 8-12 weeks. A number of these functions are presently live on Testnet, where they are being carefully checked,” the team included.
Throwing Taunts and Jeers
The current Solana network issue offered designers and non-Solana supporters another chance to jeer the expected Ethereum killer.
HarperCollins’ author Mark Jeffery believes that Solana is already out of the winning blockchain of the future due to relentless network failures.
Another day, another 48 hour #Solana failure.
This is like the sixth time this has actually occurred in 3 months.
I have zero faith in it now. It is the new EOS.
The fight is now between ETH, BSC, Fantom, Avalanche and Terra.
— Mark Jeffrey (@markjeffrey) January 23, 2022 Tech financier Daniel Cheung shares the exact same sensations: Solana being down for 48 hours numerous times now makes me question the viability of a monolithic structure.
It’s clear the winning blockchain of the future will likely be one with a modular architecture. Bullish $ ETH 2.0 & Cosmos Ecosystem. &– Daniel Cheung(@HighCoinviction)January 22, 2022 DeFi Users Pay the Price While the network issue has actually been fixed, DeFi users on the blockchain
were delegated pay the cost as they faced heavy liquidations over the 48 hours the network was down. The Solana network interruption over the weekend happened at one of the worst times in the crypto
market. Prices dipped in massive red, liquidation was in sight, and users were looking for ways to top up their balance to prevent forced liquidation. Sadly, Solana network users who took loans with collateralized assets like SOL from lending platforms like Solend could not conserve their assets during the marketplace meltdown as the blockchain had problem with blockage. A huge liquidation across the board happened next, and users were left counting their losses. Can all of us confess @solana has been down now for about ~ 48 hours? Tried over 100 times to repay a Solend loan, failed. Couldn’t even send a good friend some USDC for
dinner with @phantom. It’s times like these that make you appreciate Bitcoin
‘s fee markets.– Zain Allarakhia (@zallarak)January 22,
2022 However Solend stated it sympathizes with users and is currently reconciling impacted users.”We’re painfully knowledgeable about the concerns in which users were unable
to save themselves from being liquidated due to network blockage, and are looking into reconciliation,”the Solana-based lending procedure tweeted.