{"id":33300,"date":"2022-06-02T08:08:18","date_gmt":"2022-06-02T08:08:18","guid":{"rendered":"https:\/\/harchi90.com\/solana-suffered-its-second-outage-in-a-month-sending-price-plunging\/"},"modified":"2022-06-02T08:08:18","modified_gmt":"2022-06-02T08:08:18","slug":"solana-suffered-its-second-outage-in-a-month-sending-price-plunging","status":"publish","type":"post","link":"https:\/\/harchi90.com\/solana-suffered-its-second-outage-in-a-month-sending-price-plunging\/","title":{"rendered":"Solana suffered its second outage in a month, sending price plunging"},"content":{"rendered":"
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The logo of cryptocurrency platform Solana.<\/p>\n

Jakub Porzycki | NurPhoto via | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Solana, one of the largest cryptocurrencies after bitcoin and ether, fell more than 12% on Wednesday as its blockchain suffered its second outage in the last month.<\/p>\n

Validators in the network were not processing new blocks for several hours. Applications built on Solana’s blockchain were taken offline as a result.<\/p>\n

The Twitter account Solana Status flagged the incident at about 1 PM eastern<\/a>. To fix this latest outage, validators had to restart, following instructions linked to from this same Twitter account<\/a>which later said the outage lasted four and a half hours<\/a>.<\/p>\n

In recent years, Solana has been gaining traction in the NFT and DeFi ecosystems because it’s cheaper and faster to use than ethereum. Its blockchain processes 50,000 transactions per second<\/a>, and its average cost per transaction is $ 0.00025, according to its website. Ethereum can only handle roughly 13 transactions per second and transaction fees are substantially more expensive than on Solana. <\/p>\n

Investors who had been focused largely on ethereum began diversifying into Solana and other alternative blockchains during last year’s crypto run-up, and Solana closed a $ 314 million private token sale led by Andreessen Horowitz and Polychain Capital in June 2021.<\/p>\n

But the last year and a half has laid bare the trade-off as the blockchain network has suffered multiple outages. Most recently, on May 1, Solana locked up for several hours before it was similarly brought back online following a restart of its validator network.<\/p>\n<\/div>\n<\/div>\n