- Ethereum rival fell by 15% over 24 hours following a denial-of-service disruption.
- As per reports, a high number of transactions overwhelmed the network.
- Other blockchains suffered setbacks on the same day; Arbitrum One and Ethereum.
Major Ethereum rival — Solana (SOL), has shed 15% of its value over the past 24 hours following a denial-of-service disruption. The entire world watched and participated as the blockchain fell from grace.
September 14, 2021, saw Solana Status’ Twitter account announcing the instability of Solana’s mainnet beta at 12:38 PM UTC. It shared on Twitter that the mainnet has been suffering intermittent instability over a 45-minute period.
1/ Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.
— Solana Status (@SolanaStatus) September 14, 2021
Six hours later, Solana Status elaborated that an increase in transaction load had overwhelmed the network. In detail, raising the transaction load to 400,000 per second had overburdened the network which created a denial-of-service. This caused the network to start forking.
Further, as Solana’s engineers were unable to stabilize the network, its validator community opted to coordinate a restart of the network. Currently, the Solana community is preparing a new release. Further information will come soon.
The event took the crypto space by shock. Confidence in Solana, which has been skyrocketing just a few days ago, came down abruptly. Prices fell by 15% in just a matter of hours. Prior to the news, SOL was already down from its ATH on September 9 of $215, to $175. After the instability, the price fell further to $145.
And that’s not all. September 14 seems like a dark day for blockchains in general, as two other major chains suffered setbacks as well.
— Lark Davis (@TheCryptoLark) September 15, 2021
The Ethereum layer-two rollup network Arbitrum One, for instance, also reported that its sequencer had gone offline for almost 45 minutes. This resulted in new transactions not getting submitted during the period. Abitrum One, however, stresses that user funds “were never at risk”.
In addition to this, Ethereum itself was almost at the receiving end of a hack. An unknown entity unsuccessfully tried to attack Ethereum but was caught in time. As of now, the situation has been corrected.