The Solana blockchain, known for its ability to process transactions quickly and efficiently, found itself in an unusual situation. Since 10:22 UTC, the network has experienced a significant block production outage, leading to a pause in its operation. This outage was confirmed by Solana Blockchain Explorer, which highlighted a “major outage” in its core functionality.
The online community quickly noticed that the Solana blockchain had been down, not producing new blocks for more than 25 minutes – a considerable period, especially for a network that prides itself on a block production time of just 400 milliseconds. This raised immediate concerns among users and investors, given Solana’s reputation for high performance.
In response, the Solana validator team sprung into action. Validator stakewiz reported that developers were already working on an update to remedy the situation. This update, once ready and tested, would be distributed to validators with detailed instructions on how to proceed. Additionally, it was mentioned that validators have started creating snapshots of their local accounting states in preparation for a possible system reset, while key engineers strive to finalize the new version.
Validators have begun generating snapshots using their local ledger state to prepare for a restart. Core engineers are still preparing the release.
— Laine ❤️ stakewiz.com (@laine_sa_) February 6, 2024
The outage not only caused concern among the Solana user community, but also had an immediate impact on cryptocurrency exchange operations. Upbit, a leading exchange, announced the suspension of deposits and withdrawals of Solana-based tokens including SOL and others due to network instability.
This is not the first time that the Solana network has faced technical challenges. Over the past two years, the network has suffered several outages, marking this as the eleventh occurrence of inactivity. Launched in March 2020, Solana has positioned itself as an alternative to Ethereum, offering a scalable, low-cost solution for decentralized transactions and applications. Despite gaining popularity in the 2021 bull cycle, repeated downtime incidents highlight ongoing challenges in maintaining network stability.
At the time of publication, the price of SOL was quoted at US$93.92, down 4% in the last 24 hours.
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