Solana Network Suffers Yet Another Network Outage

The Solana network was unavailable for 48 hours again, but this time customers who took loans had to pay the price due to large liquidations.

The network has been afflicted by problems in recent months, with this being the second occurrence in January. However, unlike previous instances, the most recent outage lasted around 48 hours.

The issue was initially observed by the Solana team on Friday, January 21, 2022, about 00:00 UTC. The team wrote:

“The mainnet-beta cluster is experiencing some performance degradation, we are currently investigating the issue,”

The crew spent more than 24 hours investigating before determining the problem on Saturday at 17:55 UTC.

The problem was caused by “excessive duplicate transactions” performed by bots, according to the brief notice on the Solana Status page.

The problem was fixed today (Sunday) at around 16:19 UTC, after the publication and acceptance of v1.8.14, which was aimed to “mitigate the worst effects of the issue.”

While the network issue has been fixed, DeFi customers on the blockchain were forced to pay the price as they suffered significant liquidations throughout the 48 hours the network was offline.

The Solana network failure over the weekend occurred during one of the worst periods in the cryptocurrency market. Prices had plummeted into the red, liquidation was looming, and customers were seeking for methods to top up their balances in order to prevent forced liquidation.

Unfortunately, Solana network users who obtained loans with collateralized assets such as SOL from lending platforms like as Solend were unable to safeguard their assets amid the market crisis due to blockchain congestion. Following that, there was a large liquidation across the board, leaving users to count their losses.

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Patrick

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