Solana’s Mainnet Beta, one of the fastest-growing blockchain networks, was brought to a standstill for nearly 16 hours yesterday due to a significant spike in transaction demand on the network. Because of the network’s robust features, this incident caused some anxiety among Solana users and groups. However, the Solana network has been successfully updated and reactivated at this time.
A few hours ago, the Solana team announced that the validator community had successfully restarted the Mainnet Beta while executing a network update to 1.6.12. The whole network, including decentralized applications (DApps), block explorers, and support services, should be back to normal in a few hours.
Where did the Solana network go?
The company claims that transactions on the Solana Mainnet Beta reached 400,000 TPS on Tuesday, causing tremendous stress on the network. Due to a lack of priority for network-critical communications, the transaction processing queue became congested, forcing the network to split. In addition, as a result of the forking, several nodes on the Solana network were forced to go down due to high memory use.
After fruitless attempts to stabilize the network at the time, the validator community agreed to restart it. All relevant protocols will recover during the following few hours after the network has been restored.
Following the event yesterday, the price of the Solana cryptocurrency plunged. Within the last 24 hours, SOL has plummeted more than 14%, from $168.33 to $144.15, owing to the network outage report. SOL was trading at $160.17 on CoinMarketCap at writing, with a market value of approximately $47 billion.
On Tuesday, it appears that the crypto market was busier than usual since one of the most prominent Ethereum layer two solutions, Arbitrum, reported an outage on the same day as Solana.