A denial of service attack occurred on Solana, resulting in its crash. The network is currently processing blocks, however, certain ecosystem apps have still not recovered.
Resource exhaustion in the network is causing a denial of service, engineers are working towards a resolution. Validators are preparing for a potential restart if necessary.
— Solana Status (@SolanaStatus) September 14, 2021
The Solana Foundation said that yesterday’s denial of service assault lasted 18 hours and brought the blockchain to a halt. The SOL network seems to be recovering as of late.
A Setting Sun
A Solana network outage that lasted 18 hours began when “intermittent instability” occurred on Tuesday. According to the high-throughput blockchain’s development team, the lack of resources resulted in a denial of service. Raydium’s decentralized exchange is believed to be the source of the problem. Bots flooded the network with 400,000 transactions per second, all to get tokens in a public token offering.
After the network malfunction, Solana’s native token, SOL, fell by 17 percent. The price of the seventh-largest cryptocurrency temporarily fell from $171.50 to $142.60.
Solana is the latest network to suffer from block production problems, joining the list of networks in the process. It has also had a downtime of almost 11 days in February 2020, for example. There have been problems with block production on the EOS blockchain as well. Solana ran into difficulties with block generation in December 2020, which is something that Cardano has dealt with in the past.
In addition, although Solana recently succeeded in knocking XRP down a notch, XRP has once again re-taken the sixth-largest global market value. Today, XRP is worth around $3 billion more than SOL’s total value.
What is Solana?
Solana is a distributed blockchain ledger for decentralized applications. Solana offers comparable features to Ethereum, the industry’s current top platform for decentralized applications, but is quicker and cheaper. Unlike Bitcoin, a PoS (proof of stake) blockchain is far more ecologically friendly. Solana, its in-house cryptocurrency, is marked by the ticker SOL.
What makes PoS so remarkable? Many computers (nodes) are needed to verify transactions in a decentralized blockchain. In order to control the network, a bad actor may wish to install more nodes. To discourage anyone from attacking the network, you may assign challenging math problems to the machines operating the network. That’s evidence of how the task is done; it is efficient, but the network may devour a lot of energy.
Solana does this by requiring validator nodes to put up SOL tokens as collateral. Although the Solana network uses electricity, such as from miners, its energy consumption is far lower than that of Bitcoin miners.
Both PoW and PoS methods reward miners, who get BTC in Bitcoin and SOL in Solana. Solana users are able to delegate their stake to a validator, who then passes the benefits on to them for a charge.