Solana is down again for 48 hours leaving users facing massive liquidation
The Solana network was down again for 48 hours, but this time the users who borrowed the money suffered the consequences in the face of massive liquidations.
As the crypto market bled profusely on Friday, Solana witnessed another network crash that caused panic among traders and DeFi users across the crypto community.
Solana network down for 48 hours
The Solana network has had several issues over the past few months, and the most recent was the second in January, but unlike the others, the most recent outage lasted around 48 hours.
The Solana team said they noticed the first signs of the problem on January 21, 2022 at 07:00 Synthetic Team time (i.e. 00:00 UTC on the same day).
“Mainnet Beta Cluster is experiencing performance degradation, we are currently investigating the issue.”
The investigation lasted more than 24 hours before the team was able to determine the cause at 00:55 on Jan 23 (ie 17:55 UTC on Jan 22).
According to a brief report on the Solana status page, the issue was caused by “excessively duplicated transactions” being run by the bots.
The issue was fixed from around 23:16 on January 23 (i.e. 16:19 UTC on the same day) post-release and through the v1.8.14 upgrade – designed to “minimize the worst impact”. .
“These upcoming releases aim to improve the health of the network, with further improvements expected over the next 8-12 weeks. Many of these features are currently on the testnet, where they are being rigorously tested.”
But in the meantime, third-party services like Wormhole Cross-Chain Bridge are still warning users that existing remittance functionality will be rejected by the network.
Previously, famed Solana critic and WeekInEthNew founder Evan Van Ness shown many problems with the Solana network. Van Ness also commented on the existence of a separate “status” website for the Solana network.
“Status” websites are often used in Web2 to inform users about the current status of the network. While this solution is very popular with centralized Web2 services and networks, few blockchain-related projects are known to have such services.
easing and mockery
The recent incident on the Solana network has provided another opportunity for developers and non-Solana supporters to poke fun at the “Ethereum destroyer”.
HarperCollins author Mark Jeffery believes Solana has dropped from the list of future winning blockchains due to ongoing network issues.
“Recently, Solana was down for another 48 hours. Sixth time in 3 months. I have no faith in that now. It’s a new EOS version. The fight is currently between ETH, BSC, Fantom, Avalanche and Terra.”
Technology investor Daniel Cheung shares the same feeling:
“Solana collapsed multiple times over the course of 48 hours, which made me question the viability of a monolithic structure. It is clear that the winning blockchain of the future will likely be a blockchain with a modular architecture. ETH 2.0 Price Boost & Cosmos Ecosystem”.
DeFi users must face the consequences
While the network issue was resolved, DeFi users on the blockchain faced severe liquidations during 48 hours of network outage.
The Solana network outage over the weekend came at one of the worst times in the crypto market. Prices are in the red, liquidation is on the horizon, and users are looking for ways to top up their balances so as not to be forced into liquidation.
Unfortunately, Solana network users, who borrowed collateral like SOL from lending platforms like Solend, were unable to salvage their assets during a market downturn as the blockchain struggled with congestion. Next came a large-scale liquidation and users are still counting losses.
Can we all admit that Solana was down for ~48 hours? Tried to repay a Solend loan more than 100 times but failed. I can’t even send friends some USDC for dinner with @phantom. In times like these, one appreciates the bitcoin fee market.”
However, Solend said it agrees with users and is reconciling currently affected users.
WOMENactive ginger and network congestion
Currently, problems on the Solana network are not the first to appear on the “blockchain of the future”. As previously reported, the network was taken offline due to “a DDOs attack.”
Some users reacted extremely negatively after the developer confirmed problems with transaction processing, as the network previously claimed it was ready to operate with high transaction intensity and keep transaction fees low – unlike its closest competitor Ethereum.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews