Solana Blockchain Halts & Restarts
Solana is seen as one of the fastest and most user - friendly blockchains in the ecosystem. The blockchain provides several advantages for the developers and users thanks to its high speed and relatively low transaction fee structure.
Solana has been criticized for several things but it was able to overcome all the problems it faced. Earlier, it was labelled as black swan due to the high amount of VC investment of it. Then, it was speculated that the coin may drop as low as $1 because of the involvement in the case of FTX bankruptcy. Among all the problems the blockchain faced, the halts in the operations might be the biggest problem that has not been fixed so far.
I wondered the number of times that the chain ceased operations and asked it to Bard by Google. It provided this data:
September 2021: Outage for approximately 16 hours.
December 2021: Two separate outages, one for 7 hours and another for 21 hours.
January 2022: Major outage lasting for 47 hours.
September 2022: Outage for around 3 hours.
October 2022: Outage for roughly 1.5 hours.
The chain suffers a lot from the outage. Over the last two years, the devs were able to limit the duration of that issue but it still has a high potential of risk for those who leave their money in a project on Solana blockchain.
State of Solana Blockchain
The blockchain was down. No more blocks had been produced for more than 4 hours.
The team also left a message on Status Solana website that they are aware of the ongoing issue with the mainnet and they are working on it to fix soon.
There is doubt that the team can fix the problem when it occurs however the halts in the chain is too risky for the investors. Imagine you put a lot of money in a project and the blockchain has to be restarted on that block. This sounds like a nightmare but several SOL investors experienced a similar issue many times in the history of the chain.
The interesting point is that if this had happened to another chain with this frequency, the chain would not recover from the sell off waves. However, when it comes to Solana, the miracle happens. Take a look at the volume of the red and green candles. Simply, the buyers were able to compensate the majority of the sell pressure that occurred when the news was on the air. For some degens, the sell off in Solana is a buying opportunity even when the chain halts for an unknown time.
I think the project had a stress test that involved both the technical side and the power of it. Even though the blockchain of Solana may not pass it, the reputation and the hype on the project cover all other negative reviews on it.
What do you think about the issues on Solana chain?
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Hive On ✌️
Posted Using InLeo Alpha
I didnt know anything of this, just sounds too risky as you mention, what happens to those ppl if they had their money in the block it has to be restarted? its all gone? at some point some one who is buying a lot will run out of liquidity, hope they can get it fix soon
This is just a risk that is possible but so far I have not heard of that it happened.
I think SOL should handle this issue as a measure of security rather than reputation ✌️
Thanks for stopping by
Sol's major problem is that it's a VC network, when it comes to outages, every system suffers it, some more than others - definitely something that needs to be controlled nonetheless
Practically, VC chains are hated by the community but they are the best performers in the bull market. I no longer care about an altcoins state of decentralization. However, frequent concerns on chain is a big issue