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Solana Price Drops As The Network Suffers Another Major Outage

Solana network has recently experienced a significant outage because of a single misconfigured node. The Solana team has now asked validators to execute a Solana Mainnet restart.

01 Oct 2022 By: Sudeep Saxena
Solana Price Drops A

On Saturday (October 1), Solana experiences another significant 

outage due to a single misconfigured node that brings down the whole network. Validators are unable to execute transactions because the Solana network is offline. 

The Solana team has now asked validators to execute a Solana Mainnet restart, which will require at least 80% stake to restart. As a result, the Solana price has dropped by more than 6% in the last 24 hours.

Solana Network Outage

The Solana blockchain has had its fourth outage of the year, nearly a year after the September 14 outage, which took the network offline for 18 hours. Solana Status stated in a tweet on October 1 that the Solana network is experiencing an outage and challenges with transaction processing. Developers are attempting to identify and address the issue.

In the following tweet, the Solana team gives instructions for Mainnet beta validators to restart the Solana Mainnet-beta cluster. Validators must scan records for the highest optimistically confirmed slot "153139220."

Furthermore, Solana validator Laine alerted the community in a series of tweets that a misconfigured node triggered an unrecoverable split in the network. Validators were having trouble reaching a consensus since one validator was running a duplicate validator instance.

According to Laine's validator monitoring platform, the developers have begun the restart. On the other hand, the Solana network restart is 57% complete. For the Solana network to become online, the active stake visible in gossip must reach 80%.

SOL Price Drops Due to Network Outage

Solana once referred to as the "Ethereum killer," is losing popularity among the crypto community. In fact, Solana co-founder Anatoly Yakovenko argues that network outages have become a curse for them.

As per CoinGabbar statistics, the price of Solana (SOL) has dropped by more than 86% since its all-time high in November. Following the Solana network outage, the SOL price fell by more than 6.3%. At the time of writing, the price was trading at $32.9. If the restart does not happen soon, the price of Solana may fall much further.

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