After suffering a denial of service interruption, the soaring Ethereum rival Solana (SOL) has lost 15% of its value in the past 24 hours.
At 12:38 PM UTC on September 14th, Twitter account Solana Status Announce Solana’s mainnet beta has been suffering from intermittent instability for 45 minutes.
Six hours after the event was announced, Solana Status explained that the transaction load increased significantly to 400,000 times per second, which overwhelmed the network, caused a denial of service and caused the network to fork.
1/ Solana Mainnet Beta transaction load increased significantly, peaking at 400,000 TPS. These transactions flooded the transaction processing queue, and the lack of priority for the delivery of key messages on the network caused the network to fork.
-Solana Status (@SolanaStatus) September 14, 2021
Since Solana’s engineers were unable to stabilize the network, its verifier community chose to coordinate the network restart. The Solana community is currently preparing a new version, and more information is expected to be released soon.
This incident hit Solana’s confidence, and the price fell by 15% in 12 hours. Although SOL has fallen from the historical high of $215 on September 9 to less than $175 before the incident, the news of the power outage soon caused the price to drop to $145.
Solana is not the only well-known encryption network that suffered downtime on September 14. Ethereum Layer 2 summary network Arbitrator One report Its sequencer has been offline for about 45 minutes.
Although Arbitrum One emphasizes that user funds “never face risk”, new transactions cannot be submitted during this period. Offchain Labs, the team that built Arbitrum One, also emphasized that its network is still in the testing phase, and warned that “it may be further disrupted in the early stages.”
-Lark Davis (@TheCryptoLark) September 15, 2021
After submitting a large number of transactions to the Arbitrum sequencer in a short period of time, the team attributed the downtime to “errors that caused the sequencer to get stuck.”
If this is not dramatic enough for a certain day, then an unknown entity has also failed to successfully attack Ethereum. Developer Marius Van Der Wijden flagged the failed event on Twitter.
According to the developer, only a small number of Nethermind nodes were tricked into switching to the invalid chain, and all other clients “rejected the long side chain as invalid.” All affected nodes have been reorganized back to the correct chain.