Recently Solana network saw a significant increment in the time to produce blocks in its network following a network upgrade, on 25 Feb 2022.
Solana is a popular Proof-of-stake (PoS) crypto network, known for its unique protocol “Proof-of-history (PoH). With the help of the PoH protocol, Solana can process 50k transactions per second. In the last couple of years, Solana grabbed huge popularity as the best choice for the NFTs collectibles but faced huge criticism from the crypto community because of the occurrence of bugs in its network many times, since Q3 2021.
Recently the Solana network went through an upgrade from V 1.13 to V1.14.
On 25 Feb 2023, 6:00 AM (UTC) Solana network started to face a technical issue that caused a slowdown in block production in the network. The Solana devs decided to restart the network with V 1.13.
At the time of the publication of this article, Solana’s network is running again but it may take a few minutes for RPC nodes on different apps to recover.
This was not the first time when Solana faced such technical issues but earlier this it faced multiple bugs & that degraded the confidence of Solana coin (Sol) Investor.
The current trade price of Sol coin is $22.57 & this trade price is 1.49% down over the last 24 hours’ trade price.
In the Sol coin price graph, we can see clearly that the price of Sol plunged significantly because of this news but recovered to a level successfully, as whales are out from this crypto project.