Solana, one of the popular blockchains in the cryptocurrency market, suffered an outage again on February 6, 2024. This created concern among investors and developers. The cause of the outage is not yet known and the Solana team is working to resolve the issue. Here are the details…
Outage in Solana network came to the fore
Popular Blockchain Solana came to the fore again with an outage that occurred on February 6, 2024 at 13:22 CET. The cause of the outage is not yet known and the Solana team is working to resolve the issue. One of the exchanges affected by the outage is South Korean Upbit. To protect investors, Upbit has suspended deposits and withdrawals for Solana (SOL), Stepn (GMT), Raydium (RAY), and Access Protocol (ACS).
The outage also affected the price of SOL. According to the last hour, SOL price has decreased by 4%. Investors are concerned about the decline in SOL price and the reliability of the network. Developers are also concerned about the functioning of their dApps and projects. It is unknown how long the outage will last. Moreover, this situation could damage Solana’s reputation and drive investors and developers away from the platform.
There has been an outage before
The Solana team is expected to determine the cause of the outage and resolve the issue as soon as possible. Because the team will inform investors and developers more about the outage. Upbit will also reactivate transactions when the network returns to normal. A similar outage occurred on the Solana network last year, causing a 50% drop in the SOL price. Additionally, Saber, one of the dApps on Solana, had to temporarily suspend its services due to the outage.
Anatoly Yakovenko, co-founder of Solana, said in a statement on Twitter that they are working on the problem and will provide a solution as soon as possible. Disruptions pose an overall risk to the cryptocurrency market. Investors need to evaluate the risks and security of Blockchains before investing. Regulators also need to work to better regulate the cryptocurrency market. It will be important for the Solana team to quickly produce a solution and regain investors’ trust. If the outage continues for a long time, it has the potential to have negative consequences for Solana’s future.
Also pay attention to network congestion in Solana
Solana is a decentralized Blockchain platform focused on high performance and scalability. It is designed to deliver fast and cost-effective transactions and allows hosting of decentralized applications (dApps) in various sectors such as finance, gaming and decentralized finance (DeFi). Overall, Solana is a Blockchain that focuses on speed, scalability, and affordability. Its unique architecture and growing ecosystem make it a potential competitor to established players in the Blockchain space. However, potential network congestion factors are things to consider.
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Read more: Solana Network Disrupted Again: Transactions Stopped in These 4 Altcoins!