Solana (SOL) altcoin network experienced a fork in the early hours of Saturday morning that restricted users’ ability to transact.
Normally 5,000 Transactions Per Second, Solana Network Speed Drops to 93 Per Second
According to Solana Explorer, the network was processing about 93 transactions per second around 10:00 am, which was well below the network’s speed of around 5000 TPS 15 minutes ago. Such low trading volume has prevented Solana users from effectively performing any type of on-chain activity, from trading to asset transfer.
It’s not yet clear what caused the “long forking event,” according to a statement from the two validator operators to CoinDesk. The official, nicknamed SolBlaze, who runs a staking service, said validator operators and representatives of the Solana Foundation and Solana Labs are working to create a response.
“To be clear, the Solana network is still validating blocks, but validators are at risk of running out of memory to do so until the root cause of the fork is determined,” SolBlaze said in a message on Discord.
In a Discord channel set up for coordination purposes, validators and Solana engineers were discussing a number of options, including a potential network reboot or software downgrade. At the time of this writing, the SOL developers were unable to agree on any solution.
However, it can be recalled that there were many network shutdowns in the SOL network in the past. However, such an event had not been seen for a long time.
*Not investment advice.
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