The developers of the Solana blockchain network expect no more outages in the Solana network.
Solana is the biggest Proof-of-stake-based blockchain network, which provides highly efficient transactions at very low cost & high TPS, thanks to the Proof-of-history protocol which provides transactions of scalability up to 100k TPS. However, Solana blockchain proved that blockchain technology-based transactions can be made highly scalable but still blockchain is under the beta version with some critical bugs.
On 1 Jun, Solana Network faced another network outage. On 5 Jun, Solana Labs noted that Solana Network faced its 5th outage due to a bug this year, which caused the network to stop producing blocks for roughly four and half hours.
Solana Labs explained:
“The durable nonce transaction feature was disabled in releases v1.9.28/v1.10.23 to prevent the network from halting if the same situation were to arise again.”
Now the developer’s team fixed the bug through the latest upgrade.
Price action & Panic
The current trade price of the Sol token is $39.6 and this price is 10.48% down over the last 24 hours price.
The all-time high price of the Solana coin is $259, so this coin is down by 84%. Due to huge numbers of network outages, the price of Solana is facing huge downfall and this is further creating fear among the investors.
In Q4 2021, Solana grabbed popularity as a most successful crypto project and emerged as an Ethereum competitor but now this situation seems very bad. On one side technical issues are degrading the interest in this crypto project, other side slow development works are raising new questions about the potential of the developer’s team of Solana.