On Wednesday, Solana dropped more than 12 percent after the blockchain experienced its second outage in the last month
Solana, one of the major cryptocurrencies behind bitcoin and ether, declined by more than 12 percent on Wednesday after its blockchain experienced a second failure in the last month.
The network's validators had not processed fresh blocks for many hours. As a consequence, applications developed on Solana's blockchain were pulled offline.
In order to resolve this most recent outage, validators were required to restart in accordance with instructions supplied from this same Twitter account, which subsequently reported that the outage lasted four and a half hours.
Solana has gained interest in the NFT and DeFi ecosystems in recent years because it is cheaper and quicker to use than ethereum. According to its website, this blockchain handles 50,000 transactions per second at an average cost of $0.00025 per transaction. Ethereum can only process around 13 transactions per second, and transaction costs are much higher than on Solana.
During last year's crypto rally, investors who had been primarily focused on ethereum started diversifying into Solana and other alternative blockchains. In June 2021, Solana concluded a $314 million private token sale coordinated by Andreessen Horowitz and Polychain Capital.
However, the trade-off has been evident over the last year and a half as the blockchain network has experienced several breakdowns. Most recently, on May 1, Solana was down for many hours until its validator network was restarted and it was brought back up.
In addition, Solana's blockchain clock is 30 minutes behind and 30 minutes behind actual time. On the status page,
On-chain time continues to run behind that of wall clocks, due to longer-than-normal block times.