Solana developers have released an upgrade after a two-hour network outage

As a result of the incident, the exchange rate of the native token momentarily dropped by 5% at the moment

06.02.2024 - 14:01

3 min

What’s new? On February 6, Solana experienced a glitch that resulted in the blockchain not processing blocks for more than two hours. Against this backdrop, the exchange rate of the native token SOL momentarily dropped by 5% to $93,4. Solana developers later released a software upgrade v1.17.20 for the mainnet validators and called for it to be installed to fix the issue.

Source: Twitter.com

What else is known? The previous network outage, according to the Solana Status portal, was reported a year ago. From February 25 to 26, block processing was also suspended.

In 2022, the network demonstrated unstable operation much more often: incidents of various sizes were recorded in January, March, April, May, June, and October, sometimes more than once a month. Since then, the developers have significantly improved the mechanisms for ensuring stable network operation.

In 2023, the project demonstrated stability: despite the sale of SOL tokens by one of the largest investors in the project, the bankrupt crypto exchange FTX, the asset grew from $9 to $120.

At the end of the year, analysts of the investment company VanEck said that the technical characteristics of Solana allow the network to attract and effectively serve more than 100 million users. According to them, if such a popular application appears on the network, the SOL rate could exceed the $3200 mark in six years.

Solana network’s weekly volume of new wallet registrations updates the all-time high

The record was recorded amid the hype around the airdrop of the meme token WEN

Last week, SOL once again became the favorite altcoin of crypto derivatives investors. According to CoinShares data, inflows into products based on it totaled $13 million.

At the time of writing, SOL is trading at $94,57, according to CoinGecko.

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