The Solana blockchain operators rebooted the cryptocurrency network on Sunday after a technical issue over the weekend caused an hours-long hiccup.
It is the most recent in a string of processing issues, technical difficulties, and outages that have rocked Solana since its launch in 2020. The blockchain experienced a similar restart procedure in October of last year after a bug resulted in a lengthy outage.
Solana’s official Twitter account stated that the restart was due to a problem that occurred during a software upgrade. After 9p.m. New York time, the issue was fixed. Accordingly, the Solana community could resume its activities. Austin Federa is the head of strategy and communications at Solana Foundation. According to him, the problems that emerged during the upgrade pushed the blockchain into a so-called “vote-only” state. Usually, the vote-only mode makes it easier for the blockchain to bounce back. However, this time Solana was unable to pull through. The blockchain had no other options. It had to undergo a restart, stated Federa.
Richard Patel is a software developer at Firedancer, a Jump Crypto-backed project aimed at optimizing Solana’s features and functions. According to his tweet, the “vote-only” failsafe meant that most transactions on the blockchain were basically paused. Solana’s enthusiasts have dubbed it an “Ethereum killer” since it provides cheaper transactions and rapid processing. The blockchain can do lots of things, like non-fungible tokens, lending, and trading. Sam Bankman-Fried, the founder and former CEO of the notorious FTX exchange, was one of its most avid supporters.
Bankman-Fried’s arrest and the bankruptcy of FTX and Alameda Research have severely damaged the blockchain platform’s reputation as a promising, fresh alternative. Following the scandal, the price of Solana’s native SOL token dwindled to unprecedented lows.
Prior to FTX filing for bankruptcy, The Solana Foundation revealed that it had deposited about $1 million in cash or cash equivalents with FTX.
Around midday in New York, the price of SOL was teetering around $22, up from nearly record lows of $10 in January.
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