Solana went down for seven hours over the weekend, bringing blockchain’s seventh outage thus far this year.
Anatoly Yakovenko, one of Solana’s founders, was dubbed “MIA” (missing in action) when the crisis erupted. He later explained that he was on a trip at the time of the outage.
A staggering four million transactions per second clogged up the Proof-of-Stake network.
The mining difficulty increased significantly, causing a major reduction in the production of new blocks. It was thought that bots utilizing the NFT minting program Candy Machine were responsible.
Under the circumstances, it was understandable that Solana Labs’ co-founder Anatoly Yakovenko had been labeled “MIA” — missing in action — and that he vanished as the crisis unfolded. He stated later that he was on vacation when the outage occurred.
On Saturday night, the price of SOL fell more than 10% in a few hours as the turmoil erupted — reaching lows of $82.91.
Despite the fact that costs have recovered, SOL’s worth has decreased by 10% in the previous seven days, making it the worst-performing top 10 cryptocurrencies by market capitalization.
Outages that have occurred on multiple occasions have harmed Solana’s reputation as an “Ethereum killer,” with some investors warning of the blackouts implying that this network is too unreliable.