Solana ($SOL) Mainnet is Back Online, Here’s What Happened?

By Prashant Jha
Published September 15, 2021 Updated September 15, 2021
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Solana ($SOL) Mainnet is Back Online, Here’s What Happened?

By Prashant Jha
Published September 15, 2021 Updated September 15, 2021

Solana ($SOL) network’s bullish momentum came to an abrupt halt after the mainnet beta experienced a transaction glitch. The glitch led to very high transaction frequency up to 400,000 transactions per second. These transactions flooded the transaction queue but the absence of prioritization of network-critical messaging led a to fork in the network which in turn consumed a ton of memory on the network.

Several nodes of the blockchain went offline due to excessive memory use and the network remained inactive for more than 10-hours. The developer team claimed they have been working to bring the network online as soon as possible.

The transaction bug at the peak of Solana’s bull run has dampened its chances of extending its bull run to new highs. Many even highlighted that the network was quite centralized as someone pointed out last week that it would take only 20 validators to come together and shut down the network.

Solana ($SOL) Network Restarts

Solana ($SOL) became the biggest success story post-May market crash as the altcoin managed to see a nearly 7X increase in price since August. $SOL entered price discovery mode after breaching the $100 mark and defied all market trends to post a new ATH of $215. The altcoin became one of the fastest-growing ecosystems and joined the NFT frenzy with its Degenerate Ape NFTs. However, the current mainent glitch that has kept the network offline for more than 10-hours could bring doom to the progress and gains of Solana over the past couple of months.

The developers have managed to patch the glitch and the network is up and running again. The status update noted that Dapps, block explorers, and the supporting system will be back online within few hours and full functionality will be restored.

The price of the altcoin also seems to be recovering as it rose above $160 and currently trading at $164.3 after falling to a new daily low of $143.5.

Source: TradingView

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1277 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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