Solana or an “Ethereum killer” that offers lower transaction costs and faster processing speeds, recently resolved the issues on its network. The blockchain supports different types of crypto applications including lending, trading and non fungible tokens (NFTs).
Solana blockchain resumes
Solana, one of the newest layer 1 blockchain, recently updated that the Solana community successfully resumed the cluster, while engineers will continue to monitor network performance as network operators are restored.
An issue during the upgrade from 1.13 to 1.14 caused block finalization to slow significantly. Thus a coordinated restart was underway to address the issue.
It must be noted that this is the latest in a series of outages, technical issues, and processing problems that affected Solana blockchain since its launch in 2020. In October 2022, the blockchain underwent a similar restart process after a glitch caused a prolonged outage.
According to a recent Bloomberg report, the outage was resolved at around 9 p.m. New York time and finally the Solaan Community restarted the network. Solana blockchain cited an issue during a software upgrade as prompting the need for the restart.
The problems encountered while the upgrade sent the blockchain into what’s called a “vote-only” mode, as said by Austin Federa, Head of Strategy and Communications at Solana Foundation, the nonprofit that helps support the blockchain. Meanwhile that usually allows for a swift resolution of any problems, this time the blockchain was not able to recover. That meant the network had to undertake a full restart, Federa added.
A tweet by Richard Patel, a Software Developer at Firedancer, a Jump Crypto-backed project focusing on enhancing Solana’s performance, stated that “the “vote-only” failsafe means that most of the transactions on the blockchain were essentially halted.”
Sam Bankman-Fried, the Founder of bankrupt crypto exchange FTX was one of the most stalwart champions of Solana blockchain. And after the arrest of Bankman-Fried, Solana network and the price of its native token SOL recorded a low.
Solana Foundation shared that it had around $1 million in cash or cash equivalent deposited with FTX before the crypto exchange filed for bankruptcy. Moreover, The founders of Solana said to Bloomberg in December 2022 that they have been doing everything so they can break any connections with Bankman-Fried, and his founded firms.
At press time, the price of Solana is $22.79 with a 24-hour trading volume of $495.61 Million. The coin is up 0.03% in the last 24 hours. Meanwhile, the coin is down by almost 3% in the last 7 days. Solana is currently ranking at 11th position, with a current market cap of $8.62 Billion, according to the data sourced by coinmarketcap.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/02/26/solana-community-resumed-the-cluster-after-network-slowdown/