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- 1 Solana Blockchain is facing a severe outage, and engineers are working to fix the issue soon- Solana Team.
- 2 When writing, Solana (SOL) was trading at $94.33, with an intraday decline of 3.89%.
- 3 Solana recorded 875,940 active users on Jan 31, the highest recorded on the layer-1 network since its inception in 2020- Token Terminal.
As per the latest update, Solana Blockchain experienced a significant outage in the production of all blocks on its mainnet since 10:22 UT, Feb 6. Following the issue, the engineer, validators, and all other responsible entities are working closely to resolve the issue as early as possible.
The Solana team was the 1st to figure out the issue and stated that “all hands were on deck to investigate the root cause of the stop-in block advancement.” On the other hand, the Solana Blockchain explorer confirmed the severity of the situation by marking it as a significant outrage.
“Investigations are underway, a consensus on restart has not yet been reached. If a restart is needed, this document is being updated with instructions as they become available.” This is per the reference available on the X profile of Solana Status.
When writing, Solana (SOL) was trading at $94.33, with an intraday decline of 3.89%. However, a sudden spike of 6% was seen in the token’s trading volume.
Per the company’s website, “Solana is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions”.
Today’s outage of Solana has potentially affected confidence in meme coins on its network; more money might also flow to projects like Sponge V2 that run on the Ethereum ecosystem.
Market observers believe that the outage has affected the blockchain. If the issue is not resolved, further loss to the network and market is expected.
Other Crypto News
Token Terminal’s data states that Solana recorded 875,940 active users on Jan 31st, the highest recorded on the layer-1 network since its inception in 2020. Solana has since maintained a 5-day average of 578,000 active users, more than 26% higher than the 2023 peak of 458,210 users.
The Raydium token has been slipping for the past few hours; the project is among the major projects listed on Solana Blockchain. However, the token’s trading volume has shown significant growth, over 80%.
Bitcoin, the pioneer of the crypto market, has faced a rejection of 1.20% intraday, and as of writing, it was trading at $42,860. Despite the price decline, the trading volume of the token reflected a growth of 12%.
The meme coin community has struggled for the past 24 hours; its trading volume slipped more than 14%, while market capitalization declined by over 2.39%.
The total volume in decentralized finance (DeFi) is currently $3.87 Billion, 8.83% of the entire crypto market 24-hour volume, and the volume of all stablecoins is now $40.23 Billion, 91.78% of the total crypto market 24-hour volume.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
