Solana Suffers Outage And Tanks 16%. What’s Next?

The past few days may have weakened the image of Solana (SOL). High levels of network congestion brought a new outage to the network and SOL fell the hardest amongst the top 20 cryptocurrencies amidst the market crash. Here’s What Happened Last week, it was reported that Solana’s network was clogged, resulting in many failing transactions and DeFi users not being able to adjust their collateral positions to reflect the new valuation of the coin amidst the crypto market fall. In a Solana blog post, the team explained that the incident experienced by validators was due to excessive duplicate transactions sent by bots and “related to issues previously identified that engineers have been working to improve and resolve”. This is not the first outage for the Solana network. The 18-hour network outage in September 2021 caused by heavy transaction traffic remains the harshest one. And just this month, this has been the second, following an outage on January 4. Related Reading | Algorand, Solana, And More Lead List Of Biggest Losing Altcoins Liquidated Solana Users The DeFi lending protocol built on Solana, Solend, stated that the market crash “caused many accounts to become liquidatable and created many profitable arbitrage opportunities.” SOL price dramatically plummeted as the whole crypto market tumbled, thus users with collateral needed to increase their position in order to not have their ...