BlockchainNews

Is Solana Down? Network Suffers Fresh Downtime Amid Market Decline

The Solana mainnet has suffered a major outage in the hours leading up to press time. The root cause of the outage is currently unknown, although several users have suggested a successive round of five NFT mints had crashed the network.

Solana validators are currently coordinating a restart.

Block production on Solana Mainnet Beta has halted. Validator operators should prepare for a restart in mb-validators on Discord. https://t.co/gRJJRqEMPn

— Solana Status (@SolanaStatus) June 1, 2022

The latest downtime continues a period of growing pain for the “beta” network, often labeled by proponents as an “Ethereum killer.” Apparently, the network’s developers are struggling to keep the network afloat, with the most recent major outage only dating back to April 30.

Solana (SOL) Drops 9% Amid Market Downturn

The price of Solana’s native token, SOL, has suffered a 9% decline within the past 24 hours. However, the price movement is more correlated with broader market performance, instead of the current network issues.

Is Solana Down? Network Suffers Fresh Downtime Amid Market Decline 3

(Source: Coingecko)

The global crypto market has suffered an over 5% decline over the same period, with Bitcoin struggling to hold the $30,000 mark. Solana (SOL) is trading at around $41, which is more than 80% below its all-time high at $259 in November.

This is a developing story…


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