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- After the network was brought down by a sudden surge in transaction volume, Solana’s validators are preparing a new release, while Ethereum has escaped a malicious attack
- Solana’s engineers were unable to stabilize the network, so the network’s validator community decided to coordinate a restart. Solana’s community is currently working on a new release, and more information should be available soon
- The downtime was caused by a bug that caused the sequencer to get stuck after a large number of transactions were submitted to the Arbitrum sequencer in a short period of time, according to the team
After the network was brought down by a sudden surge in transaction volume, Solana’s validators are preparing a new release, while Ethereum has escaped a malicious attack. Solana (SOL), an up-and-coming Ethereum competitor, has lost 15% of its value in the last 24 hours due to a denial-of-service attack. Solana Status, a Twitter account, announced on September 14 at 12:38 p.m. UTC that the mainnet beta of Solana had been experiencing intermittent instability for 45 minutes.
Solana Status explained six hours after announcing the incident that a large increase in transaction load to 400,000 per second had overwhelmed the network, causing a denial-of-service and the network to fork.
Solana’s engineers were unable to stabilize the network, so the network’s validator community decided to coordinate a restart. Solana’s community is currently working on a new release, and more information should be available soon. The incident has shattered Solana’s confidence, with prices plummeting 15% in just 12 hours.
Prior to the outage, SOL had already retraced from it’s all-time high of $215 to trade below $175, but news of the outage sent prices plummeting to $145. Solana was not the only high-profile crypto network to experience downtime on Sept. 14, with Ethereum layer-two rollup network Arbitrum One reporting a 45-minute outage of its sequencer. While Arbitrum One stressed that user funds weren’t ever in jeopardy, new transactions could not be submitted during this time. Arbitrum One’s creators, Off-chain Labs, also stressed that the network is still in beta and that further outages are possible in these early days.
The downtime was caused by a bug that caused the sequencer to get stuck after a large number of transactions were submitted to the Arbitrum sequencer in a short period of time, according to the team. And if that wasn’t enough drama for one day, an unknown entity attempted but failed to attack Ethereum, with Ethereum developer Marius Van Der Wijden announcing the failure on Twitter.
Only a tiny number of Nethermind nodes were duped into switching to the faulty chain, according to the developer, with all other clients having rejected the lengthy sidechain as invalid. Since then, all of the impacted nodes have rearranged themselves into the proper chain.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
