Solana (SOL), a strong rival of Ethereum, has lost 15% of its value in the last 24 hours after suffering an interruption of denial of service.
On September 14 at 12:38 UTC, Twitter account Solana Status announced that Solana’s mainnet beta had suffered intermittent instability over a 45-minute period.
Six hours after announcing the incident, Solana Status explained that a large increase in transaction load to 400,000 per second had overwhelmed the network to create a denial of service and cause the network to start branching off.
1 / Solana Mainnet Beta experienced a huge increase in transaction load that reached a maximum of 400,000 TPS. These transactions flooded the transaction processing queue and the lack of prioritization of critical network messages caused the network to start branching off.
– State Solana (@SolanaStatus) September 14, 2021
Because Solana’s engineers were unable to stabilize the network, their community of validators chose to coordinate a network restart. The Solana community is currently preparing a new version, and more information is expected to be released soon.
The incident has put confidence in Solana down, and prices fell 15% in 12 hours. While SOL had already retreated from its Sept. 9 high of $ 215 to trade below $ 175 before the incident, news of the shutdown saw prices drop rapidly to $ 145.
Solana is not the only high-profile cryptography network to have suffered downtime on Sept. 14, as Ethereum Arbitrum One’s two-tier distribution network reported that its sequencer had been offline for some time. 45 minutes.
Although Arbitrum One emphasized that users ’funds“ were never at risk, ”no new transactions could be sent during the period. Offchain Labs, the team that created Arbitrum One, also stressed that its network is still in beta and warned that “more disruptions may occur in these first days.”
Lol, WTF is happening today? $ sol stays offline for a few hours#arbitration goes down for almost an hour#etereu was attacked (unsuccessfully)
– Lark Davis (@TheCryptoLark) September 15, 2021
The team attributes downtime to an “error that causes the sequencer to get stuck” after a very large series of transactions were sent to the Arbitrum sequencer for a short period of time.
Related: Arbitrum TVL rises to $ 1.5 million as DeFi degenerates ape into ArbiNYAN
And if that wasn’t dramatic enough for a day, an unknown entity also tried unsuccessfully to attack Ethereum, with developer Marius Van Der Wijden marking the failed incident on Twitter.
According to the developer, only a small number of Nethermind nodes were tricked into switching to the invalid string, with the remaining clients “rejecting the long side string as invalid.” All affected nodes have since been reorganized into the correct string.