The folks from the crypto street are not new to roadblocks resulting from a myriad of digital assets in business. One such protocol, which remains knotted with torments is Solana. As the network continues to witness recurring outages.
The frequent mishaps have fumed investors and netizens, who continue to question the credibility of the protocol. And its efficacy for it being under the top-10 league. The recent crash is the 5th one since the start of 2022, which translates to roughly one crash each month. That said the recent crash had caused no harm to the user funds and network state.
Will Solana Transit To A Version 2.0?
As aforesaid, investors and netizens are fumed over the recurring outages in the Solana network. Meanwhile, critics have been pointing to a possible Solana 2.0. Which now seems feasible to the masses after all the inconvenience. All the buzz in the industry comes as a result of the recent halt in the network.
The makers of the protocol had officially confirmed that the block production on Solana Mainnet Beta had halted. The makers had also insisted the validator operators prepare for a restart in MB-validators on discord. The congestion in the network had brought down DeFis and NFTs from the ecosystem to a halt. It is learned that the reason behind the outage was a bug, which was in the durable nonce transaction feature.
The bug resulted in the lack of determination when the nodes generated vivid outputs for the same block. This obstructed the network from advancing. The outage lasted for about 4.5 hours after the validator operators were successful in restarting the Mainnet. Which was done at around 21:00 UTC.
Where Does Solana (SOL) Stand Now?
After the necessary resolutions, things seem to be getting back to normal for Solana. At the time of publication for the last 30 minutes, the TPS stood at 2,228. The success rate of transactions after taking a dip to 67.33% on the 1st of June, has now risen to 77.36%.
The price of SOL at the time of writing is changing hands at $40.15 with losses accounting for 10.01%. Whilst the market capitalization is now hovering around $13,645,269,781. The volume of trades for around the clock now stands at $1,706,017,147.
Summing up, with the frequent troubles, hodlers and investors are keen on the future prospects of Solana and the predictions of SOL price. Read our in-depth price prediction, to decode the feasible targets for 2022 and beyond. That said, what still remains in the mist is how long will it take for the network to stand tough against the headwinds.
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