Solana has an outage causing SOL prices to drop 15%, the Arbitrum Layer 2 network is in the same situation
The blockchain, known as the Ethereum killer, has fallen 15% in the past 24 hours after a service interruption (DoS).
On September 14 at 7:38 p.m. (UTC), Solana’s Twitter account announced that Solana’s mainnet beta had been continuously destabilized for a period of 45 minutes.
Six hours after announcing the outage, Solana stated that the massive increase in transaction volume to 400,000 per second is overloading the network, causing a denial of service and causing the network to branch.
1 / Solana Mainnet Beta saw a sharp surge in transaction load, which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and the failure to prioritize network-critical messages caused the network to begin forking.
– Solana status (@SolanaStatus) September 14, 2021
Since Solana engineers were unable to stabilize the network, the Validator community decided to restart the network. The Solana community is currently preparing a new version, the details of which are expected to be announced shortly.
The incident shattered investor confidence as the price of SOL fell 15% in 12 hours. While SOL fell from an all-time high on September 9 of $ 215 to below $ 175 before it crashed, news of the failure quickly drove the price to $ 145. SOL is currently changing hands at $ 158.
SOL price table 1h | Source: Tradingview
Solana isn’t the only high-profile blockchain network to experience an outage on September 14th, nor is Ethereum’s Layer 2 network, Arbitrum One. report Arbitrum Sequencer was offline for about 45 minutes.
While Arbitrum One emphasizes that user funds are “never at risk”, no new transactions can be sent during this time. Offchain Labs, the company that developed Arbitrum One, also stressed that their network is still in beta, warning that there could be more downtime in those early days of testing.
Offchain Labs attributed the downtime to a “bug that stuck the arbitrum sequencer” after sending a number of very large transactions simultaneously to the arbitrum sequencer in a short period of time.
Yesterday was also a pretty dramatic day for the crypto community when “someone” tried to attack Ethereum but failed. The incident was mocked by veteran Ethereum developer Marius Van Der Wijden on Twitter.
Someone tried to attack successfully #Ether today by posting long (~ 550) blocks containing invalid pows. Only a small percentage of @nethermindeth Node switched to this invalid chain. All other clients rejected the long sidechain as invalid
– MariusVanDerWijden (@vdWijden) September 14, 2021
According to the developer, only a small number of Nethermind nodes were induced to switch to the invalid chain, while all other customers “rejected the long sidechain as invalid”. All affected nodes have been reorganized into the correct chain.
Through the above incident, we can also see that Ethereum is still on a whole different level, arguably the largest smart contract in the world that has dominated the market for the past few years.
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According to Cointelegraph