Solana stops processing transactions, SOL sinks by 4%

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Solana community is experiencing downtime in block manufacturing as block development is at present halted.

When writing, the blockchain has been down for about two hours. The failure occurred on Feb. 6 at 10:00 UTC.

“Engineers from throughout the ecosystem are investigating an outage on mainnet-beta.”

Solana web site

Laine, a blockchain software program developer and Solana validator, clarified that the failure occurred resulting from a “decreased efficiency” of the main community.

Laine later introduced a community restart. Validators replace software program to v1.17.20. After reaching a share of 80%, the cluster will resume block manufacturing from slot 246,464,041 (the cease occurred at 246,464,003). On the time of writing, progress is 60%, “20% extra to go.”

The SOL token responded to the blockchain shutdown by falling from round $96 to beneath $94, reaching $93.62. In line with CoinMarketCap, the asset fell by greater than 4% in 24 hours. Nevertheless, token buying and selling volumes elevated by 11% to $1.6 billion amid the decline. This indicator could also be hinting at the truth that merchants have begun liquidating positions or shopping for on the coin’s drawdown.

Solana stops processing transactions, SOL sinks by 4% - 1
Supply: CoinMarketCap

In February 2023, Solana validators restarted the community twice resulting from an unknown error that triggered financial exercise to cease fully. The community stopped appropriately processing person transactions on Feb. 25, and all capabilities besides voting have been disabled. One of many validators, Stakewiz, defined that the error occurred after most nodes switched to software program model 1.14.16, which appeared final week.

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