The Solana network is back online after experiencing a major outage for more than 17 hours, causing the price of its native token SOL to crash.
The Solana network hosts a variety of apps on a decentralized blockchain which the company claims is the fastest in the world. SOL’s price is down 5.06 per cent today having crashed from highs of $171.48 to lows of $142.86 during yesterday’s disruption.
Price has made a modest recovery to stand at $160.70 after the Solana Status account confirmed that mainnet had been successfully restarted. Solana Dapps and block explorers are expected to be fully operational later today.
Reportedly the outage occurred as a result of ‘resource exhaustion’ which caused denial of service across the network. The network became overwhelmed when transaction load reached 400,000 transactions per second (TPS), effectively crashing the system.
A spokesperson for Solana explained that excessive 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. Engineers across the ecosystem attempted to stabilize the network, but were unsuccessful,” the spokesperson added.
News of the outage comes amid a phase of meteoric growth for the Solana network. Its ecosystem has ballooned to include more than 400 DeFi, NFT and Web3.0 projects making it a challenger to the Ethereum network which hosts over 3,600 dapps.
Solana claims its network is theoretically capable of processing 710,000 TPS and boasts low average transaction costs of $0.00025, a vast cut below average transaction costs on the Ethereum network which currently stand at $5.6.
Clearly, Solana is turning heads with SOL’s price jumping 200 per cent this month alone and 4816 per cent over the past year.