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Published February 17, 20242 min read

Solana Struggles with Issues: Major Failure in Main Network and Analysis of the Event by Coinmooner Team

CoinMooner Team

In the latest news article, Coinmooner highlighted a significant event related to the Solana blockchain, which unexpectedly experienced a major outage, disrupting its normal operation. Solana, created in 2020 by Solana Labs founded by Anatoly Yakovenko and Raj Gokal in 2018, had earned a reputation as one of the most reliable and stable platforms due to its innovative approach.

Despite past serious incidents, including hacks and lawsuits, Solana continues to lead in its field thanks to its innovative architecture capable of processing thousands of transactions per second. This makes the network fast and scalable, attracting various decentralized applications, including financial services and gaming platforms.

However, as today's case shows, even the most reliable systems can experience failures. Today, February 6, the Solana blockchain, known for its stability, faced a serious incident. According to official information from Solana Status, the network was unavailable for a significant amount of time, which is quite different from its usual uninterrupted operation.

The sudden worsening of stability issues in the Solana blockchain network unexpectedly paralyzed the "mainnet-beta" at 10:22 Coordinated Universal Time (UTC), prompting an official statement from Solana Status. This incident was confirmed by the blockchain explorer, which issued a concerning "major outage" tag on the main network.

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Despite its reputation for incredibly fast block creation times of 400 milliseconds, Solana surprisingly failed to produce any blocks for 2 hours and 29 minutes. This prompted engineers from various ecosystem nodes to mobilize to identify and resolve the root issue.

A representative from Solana validator Stakewiz noted that developer teams are working at full capacity to fix the issue. Once the fix is ready and tested, instructions for validators will be promptly published. Currently, validators are actively taking snapshots using their local copies of the main registry to prepare for the restart, while core engineers finalize the deployment of the fix.

According to Stakewiz, recovery after the cluster restart will allow 80% of validator stakes to come back online. However, most decentralized applications won't be able to function until RPC providers are restored. Currently, only 25% of the Solana network is functioning normally.

The impact of the Solana network outage was immediately felt by cryptocurrency exchanges like Upbit, which announced a temporary suspension of deposits and withdrawals for tokens based on Solana, including SOL, GMT, Raydium, and Access Protocols (ACS). As a result of the news, SOL tokens have already lost 3.66% of their value, dropping to $94.

This outage recalls a similar incident in April 2023 when the Solana network was paralyzed for nearly two days. It's worth noting that this incident marks the eleventh Solana network failure.

The Coinmooner team will closely monitor all news and updates provided by Solana ecosystem representatives. In the event of significant developments, they will promptly inform their audience. It's important to understand that in the Web3 world, it's impossible to predict all situations. Therefore, it's always advisable to verify information from various sources and ensure the security of finances using advanced security methods.

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