Solana Week’s Worst Performer in Top 100 After Network Restart

Source: AdobeStock / Vladimir Kazakov

The sensible contract platform Solana’s native SOL token stood out as at this time’s worst performer among the many prime 10 cash by market capitalization, in addition to the week’s worst in the highest 100. 

The weak efficiency comes after what has been a tough week for Solana, with a whole community outage and subsequent restart. 

At 09:53 UTC, the SOL token, ranked seventh by market capitalization, was down by practically 13% over the previous 24 hours, buying and selling at a value of virtually USD 140. 

For the previous seven days, the coin has now fallen by practically 26%, probably the most among the many 100 most useful cryptoassets by market capitalization, per CoinGecko’s rating.

30-day value chart of SOL. Source: CoinGecko

The drop over the previous week coincides with the main community outage that Solana skilled on Tuesday after a large enhance in transaction load, which reportedly “flooded” the transaction processing queue.

Following the outage, Solana stakeholders moved to carry out a restart of the community, which the Solana Foundation on Wednesday said ought to restore “full performance” inside a couple of hours.

Almost a day later, the inspiration said on Twitter once more that “a number of mitigations” had been deployed on the community by engineers to “enhance community resiliency during times of utmost transaction load.” It added that “an in depth put up mortem” report will probably be printed in the approaching weeks “as additional fixes are deployed.”

But with the community now up and operating once more, SOL’s value has continued to undergo in the market, with the tokens of each of the 2 essential competing platforms Ethereum (ETH) and Cardano (ADA), ranked because the second and third most useful cryptoassets, by far outperforming SOL over the previous week. 

At press time, ETH was up 2.4% for the previous seven days, whereas ADA was down by 4.7% over the identical interval, buying and selling at USD 3,517 and USD 2.40, respectively.

Commenting on the community outage and subsequent restart in the Solana subreddit, some Solana neighborhood members took the chance to query the decentralization of the community, given how one Solana stakeholder described that validators determined to “cease our nodes” and await “Solana Foundation’s directions” on what to do subsequent.

“So a bunch of principally randos who grew to become validators can meet in personal and produce the entire thing to a screeching halt?,” one Reddit person asked, whereas one other countered that it’s nonetheless “early days and new tech.”

“It’s superior that the requestors have been capable of take a look at the surroundings to this stage of stress,” the identical person added.

Meanwhile, on September 16, the Solana Status Twitter account announced that DYN, “the DNS supplier of explorer.solana.com, and a number of other Solana.com domains & endpoints, is at the moment experiencing an outage.” This doesn’t impression the blockchain, they mentioned, whereas the block explorer stays accessible at solscan.io. 

Solana and its native SOL token have seen a speedy progress this 12 months, with SOL rising greater than 5,374% on a 1-year foundation. 

The Solana platform has additionally seen exponential progress in the whole worth locked (TVL) in decentralized finance (DeFi) initiatives on the platform, with an increase from USD 1.22bn on August 1, to USD 9.25bn as of at this time, per DeFi monitoring website Defi llama. 

Total worth locked (TVL) on Solana in US {dollars}. Source: Defi Llama

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Learn extra:

– Solana Full Service Expected Soon, SOL Recovering
– Ethereum Alternative Solana Almost Doubles In a Week, Flips XRP 

– 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