- Solana (SOL) witnessed a downfall of over 10% within a single day after the network reported an outage.
- Solana advised the validators to follow the re-start instructions to remedy the problems.
- Solana (SOL) is currently trading at $39 with a market cap of $13,343,502,016 and is currently down by around 12%.
Another Solana Brownout Causes SOL To Plunge
Solana (SOL), one of the top ten cryptocurrencies by market cap, fell down by a significant percent within a day when the blockchain network reportedly witnessed another outage.
The blockchain did not produce new blocks for five hours resulting in a closedown of all of its applications.
The Solana Status Twitter page then suggested that the validators on its blockchain go with the re-start instructions to solve the problems.
This outage is the second in a month for one of the largest blockchain networks. Solana claims to be a high-performance network that can complete speedy transactions and stand as a competitor to the second-largest crypto network Ethereum (ETH).
Solana (SOL) has emerged to be a choice when it comes to the Decentralised Finance (DeFi) and Non-Fungible Tokens (NFTs) sector as the network offers a higher transaction speed compared to Ethereum (ETH).
Solana is also popular due to its Proof-of-History algorithm that allows for higher scalability of the network and enhances its usability. It is primarily known in the crypto sphere for its lesser processing times. And its hybrid protocol provides for high reduced verification time for both transaction execution and smart contracts.
But it had a considerable effect on the price of SOL which slipped by 13% following this. At the time of writing, Solana (SOL) is trading at $39 with a market cap of $13,343,502,016 and is currently down by around 12%.
Earlier, Solana suffered an issue on May 1 when the network remained defunct for approximately seven hours. Apart from this, the Solana network has seen various such outages even over the past year.
Source: https://www.thecoinrepublic.com/2022/06/02/solana-slips-significantly-as-the-network-witnesses-another-outage-in-a-month/