Solana network failed for nearly 18 hours and has been restarted

On September 15, Solana officially released the Mainnet-Beta 1.6.25 version. The price of $SOL also began to rise. The current price is $162.1, an increase of 1.75%.

After Solana was attacked, Solana (SOL) has lost 15% of its value in the past 24 hours.
At 12:38 pm UTC on September 14th, the Twitter account Solana Status announced that Solana’s mainnet beta was intermittently unstable within 45 minutes.
Six hours after announcing the incident, Solana Status tweeted that the transaction load increased significantly to 400,000 times per second, which overwhelmed the network, causing a denial of service and causing the network to fork.

Since Solana’s engineers were unable to stabilize the network, its verifier community chose to coordinate the network restart. The Solana community is currently preparing a new version.
This incident dampened Solana’s confidence, and prices fell by 15% in 12 hours. Although SOL has fallen back from its historical high of $215 on September 9 to less than $175 before the incident, the news of the power outage soon caused the price to drop to $145.

Although the entire crypto market has lost more than 200 billion U.S. dollars, the seventh largest cryptocurrency by market value is still one of the best performing cryptocurrencies.
As an emerging competitor of ETH, Solana’s scalability and transaction processing efficiency (400 milliseconds block time and 50,000 TPS) are extremely high, making it the first choice for many dapps that need to handle a large number of users and high transaction throughput.
Petr Kozyakov, co-founder and CEO of payment services company Mercuryo, said: “SOL’s recent outstanding performance in the market is more or less a continuation of its recent growth.”

“With more than two different NFT projects launched and minted every day in the ecosystem, retail buyers’ demand for SOL is never-ending. Therefore, despite the entire market crash, it still increased the price by 50% this week. % above.”

After bottoming out on July 20 and rebounding to $21.96, the currency pair has soared by nearly 890%. At the same time, according to data provided by SolanaProject.com, the total value locked in Solana-based DeFi projects has exceeded US$7.81 billion.