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Solana Blockchain Returning to Full Functionality After Tuesday’s Shutdown

cryptoknowmics.com 16 September 2021 03:00, UTC

Solana Blockchain Returns Online Following Tuesday's Shutdown

In a tweet shared on September 15, Solana said that its validators had successfully “completed a restart of Mainnet beta after an upgrade to 1.6.25.”

“Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored,” the blockchain project added.

The project underpinning one of the fastest-growing cryptocurrencies in the market ran into trouble after encountering a “resource exhaustion” issue. In an earlier statement, Solana explained that the network was hit by a barrage of transactions and its engineers could not respond to the resulting instabilities on time.

“Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000. These transactions flooded the transaction processing queue, and the lack of prioritization of network-critical messaging caused the network to start forking. This forking led to excessive memory consumption, causing some nodes to go offline.”

As of now, it’s unclear whether Solana has reached “full functionality” since its shutdown. The network was still experiencing lags while processing transactions yesterday.

Solana Issues Affected DeFi Projects on the Network

Solana’s recent issues disrupted a host of services built atop the blockchain, including decentralized finance (DeFi) protocols. One such platform is Pyth -- a leading service that supplies information on stocks, cryptocurrencies, and assets from trading firms to DeFi projects.

Following the technical crisis, the network’s native token SOL also plummeted in value. On Tuesday, it fell from $169 to an intraday low of $145. SOL managed to recover some of its lost value yesterday as it climbed back to $163. However, as of press time, the currency has dropped to $158.18.

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