Solana back online after day long network outage – CityAM : CityAM

The Solana network is back online after experiencing a major outage for more than 17 hours, causing the price of its native token SOL to crash.

The Solana network is a rival to Ethereum and hosts a variety of apps on a decentralized blockchain which it claims is the fastest in the world. SOL’s price is down 5.06 per cent today having crashed from highs of $171.48 to lows of $142.86 during yesterday’s disruption.

Price has made a modest recovery to $160.70 this afternoon after the Solana Status account confirmed that mainnet had been successfully restarted with Dapps and block explorers expected to be fully operational later today.

The Solana validator community successfully completed a restart of Mainnet Beta after an upgrade to 1.6.25. Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored.— Solana Status (@SolanaStatus) September 15, 2021

According to Solana the outage occurred as a result of ‘resource exhaustion’ which caused denial of service across the network. The network became overwhelmed when transaction load reached 400,000 TPS, effectively crashing the system.

Solana has experienced meteoric growth with price up 200 per cent this month and 4816 per cent over the past year.

Read more: Solana outage fixed as wider cryptocurrency market recovers