Solana blockchain is down again: what happened?

According to tweets from the project, Solana is having yet another outage, but it will be back up and running soon.

Solana blockchain halted
Solana blockchain

Solana has been halted. According to block explorer statistics, Solana has not processed any blocks or transactions on June 1.

The Solana team blamed the problem on a fault in the blockchain's persistent nonce transactions feature on Twitter.

Non-determinism happened as a result of this, with various nodes producing different results for the same block and being unable to establish a consensus.

Solana went on to say that the network and funds are safe. Within the last hour, it has also issued restart instructions for validators, hinting that the chain would be back online soon.

Solana has seen numerous outages and traffic congestion issues. On April 30, NFT minting bots saturated the network with transactions, causing the most current problem.

There were at least four additional outages before today's, including a 47-hour outage in January 2022, at least two occurrences in December 2021, and at least one incident in September 2021.

The Solana (SOL) token appears to have lost value as a result of today's outage, as it is down 10.9% in the last 24 hours. It's also down 84% from its all-time high of $259.96 set in November 2021.

However, a general fall in the crypto market is likely to worsen this trend. Bitcoin, which serves as a barometer for the rest of the market, has dropped 5.7% in the last 24 hours and is down 56% from its all-time high, set in November 2021.

Solana is commonly seen as an Ethereum rival because of its high transaction throughput, which Ethereum has yet to attain. It has also received support from FTX, a prominent exchange that has collaborated significantly with the project.