Solana suddenly went off and now the validators may need to restart the blockchain network due to resource exhaustion. The network is overwhelmed with transactions, so let’s check out what that means for Solana in our latest crypto news.
Solana Labs CEO Anatoly Yakovenko attributed the downtime to an increase in transactions from bots on the Raydium Defi protocol. Solana is considered a competing blockchain network to Ethereum, whose cryptocurrency has skyrocketed in value and activity in recent months. However, at the time of writing, Solana has lost four hours. According to reports, the last Solana block was generated before 12 p.m. UTC, and the official Twitter account tweeted that the beta mainnet network was experiencing persistent turbulence:
“Resource exhaustion in the network leads to denial of service, engineers are working on a solution. Validators prepare for a restart if necessary. “
Reminder of it @traubenprotokoll IDO and GRAPE-USDC LP start today at 12:00 UTC! 🍇
AcceleRaytor $ GRAPE Request token from this point too.
The combined pool bonus issues will begin shortly thereafter to give LP time. pic.twitter.com/OaHyxV3C2M
– Raydium (@RaydiumProtokoll) September 14, 2021
CEO Anatoly Yakovenko tweeted Tell the network validators that it is time for a beta phase and encourage them to join Solana’s Discord server and coordinate a possible response. Yakovenko also said the problem was caused by excessive trading volume from bots during the first decentralized listing for a project. An IDO is a type of public token sale similar to an ICO, but takes place on a decentralized peer-to-peer exchange on a centralized exchange. The IDO in question took place on Raydium, similar to decentralized exchanges like Uniswap on Ethereum. IDO for Grape Protocol and other NFT projects.
According to Yakovenko, bots flooded the network at 300,000 transactions per second and caused problems in Solana’s transaction queue. When a user responded to Solana’s request to ban the launch of a first-come-first-served IDO, Yakovenko said:
“No, I’m just correcting the mistake. Part of life. “
Solana mainnet beta has intermittent instability issues. This started about 45 minutes ago and engineers are investigating the problem.
– Solana status (@SolanaStatus) September 14, 2021
He also said that today’s issues have been fixed, but the software is not yet available. The downtime has created a lot of confusion in the community, especially among users trying to take advantage of the blockchain network and trade coins. Discord user Solana reported transaction errors and many NFNT projects have postponed their airdrops. Solana is considered a scalable version of Ethereum that is able to process thousands of times more transactions per second while using less energy. The cryptocurrency SOL has been appreciating recently, rising from $ 35 to an ATH of $ 213 a week ago.
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