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Price of Solana plunges after the second outage in a month

Posted:: Jun 02, 2022 16:03 Category: Blockchain , Crypto , Fintech , Posted by Kyle

Falling more than 12 percent since Wednesday, this was the result of the Blockchain suffering its second outage last May. This comes after a concerted move by investors to diversify from Ethereum into other alternative Blockchains such as Avalanche, Cardano and the eponymous Solana.

Solana: “the Ethereum killer”?

Seeking to overtake legacy blockchains, Solana is a public blockchain focused on scalability and a developer-friendly ecosystem. As of speaking, Solana boasts over 76 million transactions and 1,750 validator nodes. Moreover, with the blockchain average of 2,700 transactions per second (tps) with an average cost of $0.00025 per transaction, Solana has been skyrocketing to a place of significant prominence in the general NFT and DeFi space.

This mainly comes due to the current disadvantages of the incumbent king of the Dapp space, Ethereum, which while having an almost overwhelmingly major part of the DeFi market value, can only handle approximately 13 transactions per second with substantially more costly gas fees.

Solana stalls: Second freeze in a single month

This being said, the competitive disadvantages of Solana have been laid bare with the network suffering multiple outages whereas other chains remained operational. On May 1st, Solana froze for several hours before having its validator network restarted. Last Wednesday saw the network being unable to process new blocks, subsequently freezing all applications built on the Solana blockchain

Users were informed by the Twitter account Solana Status about the issue at 1 PM Eastern Time with the validators having to restart the blockchain as seen in the first incident. The outage approximately lasted four and a half hours in total.

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