Solana Resists Selling as Details on Network Outage Emerge

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The Solana blockchain’s native token SOL is one in every of only a few vibrant spots within the crypto market at this time, after the discharge of extra particulars about final week’s outage appears to have calmed down the nervous traders.

At 11:30 UTC, SOL was up by nearly 4% over the previous 24 hours to commerce at a value of USD 142.91. 

The rise got here on a largely pink day within the broader crypto market, with bitcoin (BTC) buying and selling down by nearly 2% and the good contract competitor ethereum (ETH) being unchanged over the identical time interval.

7-day value chart of SOL. Source: CoinGecko

SOL’s skill to withstand promoting strain out there at this time positioned it as the day’s second-best-performing token among the many prime 10 most dear cryptoassets, proper behind cardano (ADA), which is up 4%. 

The rise for Solana’s native token got here as the Solana Foundation released an “preliminary overview” of the community outage which Solana had skilled on September 14, when the community was offline for 17 hours.

“Once the state of affairs was identified, the group proposed a tough fork of the community from the final confirmed slot, which requires at the least 80% of lively stake to come back to consensus,” the Solana Foundation wrote. 

Over the next 14 hours, engineers the world over labored collectively to write down code to mitigate the problem, they mentioned, as properly as to “coordinate an upgrade-and-restart of the community amongst 1000+ validators.”

Further, the report went on to emphasise the advantages of decentralization, saying that on a decentralized community like Solana, “validators are individually answerable for recovering the state and persevering with the chain.”

“This was a coordinated effort by the group, not solely in making a patch, however in getting 80% of the community to come back to consensus,” the group wrote in regards to the group efforts to get the community useful once more.

With the robust focus on the advantages of decentralization throughout the mitigation efforts, the Solana Foundation’s preliminary overview sought to downplay questions raised by some customers final week about how decentralized the blockchain actually is.

The questions, raised on the r/Solana subreddit, appeared after one Solana validator had argued that the group determined to “cease our nodes” and look forward to “Solana Foundation’s directions” on what to do subsequent after the community went down.


Learn extra:

– Solana Week’s Worst Performer in Top 100 After Network Restart
– Solana Soars to All-Time High, Enters Top 10, as NFT Project Launches

– Ethereum, Solana, Polygon & Co Form A New Hot Market Of Blockchains 
– Power Ledger Migrates to Solana But Keeps Its Token On Ethereum

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About the Author: Daniel