Solana (SOL) has suffered from server issues, declining by 15% in just 12 hours; after enjoying a surge to correct back from a recent crash after tagging a new all-time high price.
Solana mainnet-beta is experiencing intermittent instability. This began approximately 45 minutes ago, and engineers are investigating the issue.
— Solana Status (@SolanaStatus) September 14, 2021
Solana, a rival to Ethereum’s blockchain, announced the instability on its status account on Twitter with an update following six hours later. The account explained that the mainnet had been overwhelmed by a massive increase in transaction load transactions per second (TPS). The disruption results in a denial-of-service on the network that caused the blockchain to start forking.
The account released the explanation as a thread on Twitter:
“Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.”
According to the thread, Solana engineers tried to stabilise the network but were unsuccessful. The validator community of the blockchain opted to coordinate a restart of the network, with a new release date planned and instructions pending..
Solana price after network incident
Within half a day, Solana price dropped by 15%. The value of (SOL) had been rallying from $175 and the news of the server disruption sent the value back down to $145. As one can see from the chart, the token’s price had been steadily increasing over the month, with a quick spike and drop back in the first week of September where it reached and subsequently fell from its all-time high of $215.