It is a hard time for Solana as the blockchain encountered “intermittent instability”. According to the Solana blockchain explorers Solscan and Solana Beach, the last transactions occurred on the Solana blockchain about 15 hours ago and it is not operational till now, and Solana’s token SOL also experienced some sharp price fluctuations during this time period falling more than 15% and then recouping much of these loses. The digital asset for Solana blockchain dropped as much as $143.55 at 05:24:04 AM CST, according to coinmarketcap.com. The digital asset of Solana blockchain SOL fell more than 16% after reaching an intraday high of $171.48. Furthermore, it has fallen more than 33% from an all-time high of $214.96 reached on September 08, 10:19:04 AM CST, according to coinmarketcap.com. The drop in SOL token maybe caused the user’s ability to access the tokens in the first place also, because the Decentralized exchanges built on Solana are not working since yesterday.
A restart of the blockchain is suggested by its CEO, and restart of the blockchain means that the validators will try to fix the blockchain, by reverting to an earlier copy of the blockchain, and there are some chances that this may erase some tx records from the ledger. Solana is still down and not functional, and it’s not producing blocks as well as transactions, and the funds are frozen in the network. Some of the users are worried because millions of dollars are stored as it has introduced several Defi, DEXes, and other applications. If we check from Bitquery, there is no block after block number 96538248, according to bitquery.
“Solana mainnet-beta is experiencing intermittent instability,” a message from a Twitter account run by the Solana Foundation reads, posted at 03:11 AM Sep 15, 2021. “This began approximately 14 hours ago from writing this article, and engineers are investigating the issue.”
Phantom, a wallet service built on Solana, said in a tweet at 09:57 PM CST that the Solana network seems to be experiencing intermittent instability right now. Phantom and other applications are having trouble connecting. We will keep you updated on the status of the situation.”
At the same time, the CEO of Solana, Anatoly Yakoveko, in a tweet called for all the validators to join the project’s discord “its beta time”
Investing in cryptocurrencies is highly speculative and unregulated, the investors in this market should be aware of these things and be ready to lose the entirety of their investment. Some people, who invested in Solana are a little worried, while some of them are still happy to face this problem such as CryptoInveztor. Some of the interesting tweets are shared below.
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