The Solana Network Has Gone Down Ten Times. Will it Recover? (2024)

Solana down: On Friday February 25 (EST), the Solana network froze, with many users facing ‘severe issues’ including disruptions to transactions and asset transfers. This led the validators of the Solana network to channel their inner ‘IT Crowd’ and opt for a total restart of the network, in what is quite literally a case of, “have you tried turning it off and again?”

In the first attempt to restart the Solana network, validators failed to find the correct point to reboot, further increasing the delay.

The problem began as a simple slowdown to transaction speeds and quickly spiralled into a full blown network shutdown. The Solana chain stopped producing new ‘blocks’ — which is kind of a problem for something called a blockchain — seeing all transactions halted.

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The Solana network’s deep freeze continued through to Saturday as validators prepared themselves for a second restart attempt, this time hoping to restore normal functionality to users of the blockchain.

The network freeze rendered all transactions on the blockchain exactly that: frozen. Users of Solana found all of their Solana-based crypto assets completely unmovable, stuck in place until developers could get the network infrastructure back online.

Network went black

In total, the Solana network went black for a total of nearly 20 hours and developers from the Solana Foundation (the entity responsible for maintaining Solana) still don’t know why the network went down in the first place.

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“The cause of this is still unknown and under active investigation,” the Solana Foundation wrote in ablog postexplaining the scenario.

Surprisingly the price of Solana’s native SOL token didn’t slide too much in the wake of the outage, only dropping down 6% since the beginning of the outage. Solana is the ninth largest blockchain network in terms of total value, with US$550 million worth of Total Value Locked (TVL) at the time of writing.

Solana was once touted as an ‘Ethereum killer’ for offering faster and cheaper transactions than the larger, more established blockchain. However, a string of outages and network freezes has seen the reputation of the blockchain take a significant hit.

How many times has Solana gone down?

At the time of writing, the Solana network has suffered some form of major outage a total of ten times. According to user Money_Reach, these are the following dates that the Solana network experienced interruptions and down time.

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  1. September 14, 2021: Down for 17 hours 12 minutes due to a DDoS attack on a decentralised exchange(DEX).
  2. January 6 – 8, 2022: Outage for multiple days. Presumably DDoS attack.
  3. January 10, 2022: Assumed to be the same DDoS attack.
  4. January 22, 2022: 29 hours of downtime, lots of duplicate transactions causing congestion and outages.
  5. March 28, 2022: RPC nodes forked off when upgrade to v1.9 happened.
  6. April 30, 2022: seven hour outage due to millions of NFTs being minted.
  7. May 27, 2022: Block times delayed up to 30 minutes.
  8. June 1, 2022: “A runtime bug triggered by the durable nonce transactions feature allowed, under a specific set of circ*mstances, for a failed durable nonce transaction to be processed twice.” Lasted about 5 hours.
  9. October 1, 2022: A misconfigured node resulted in lost data and needs to restart from a previous point, which apparently crashes the entire chain.
  10. February 28, 2023: “Solana Mainnet is experiencing a large forking event right now, validators are investigating to determine the network health, root cause and next steps. Transactions may fail right now”. Lasted for about 20 hours.

Technically the network went down once while it was still in beta on December 4, 2020. A problem with the ‘Mainnet Beta cluster’ saw the blockchain cease to produce new blocks.

In stark contrast, blockchain networks like Bitcoin (BTC) and Ethereum (ETH) have never suffered a major outage.

Solana network status: back online (for now)

While the status of the Solana network is technically up and running again, members of the crypto community blasted the cryptocurrency and its development team on Twitter.

NFT artist Crypto Tea delivered a scathing criticism of the Solana freeze to her 80,000 followers, asking how this ‘PoS’ could be counted among the top ten tokens in crypto.

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Still, not everyone was levelling criticism at the network. One Twitter user ‘Ilmoi‘ — a developer from NFT trading platform Tensor — claimed that while Solana’s overall approach is “more risky”, it allows for a higher pace of innovation.

Regardless of community opinions, blockchain networks simply shouldn’t be going down for unknown reasons, and the lack of insight into the issue from the Solana Foundation casts a reasonable shadow of doubt over the long-term status of the Solana network.

The Solana Network Has Gone Down Ten Times. Will it Recover? (2024)

FAQs

Will Solana ever recover? ›

Solana Price Prediction 2026

Most experts agree that Solana will have recovered significantly by then, with most people seeing an average price of around $260 near former all-time highs.

How many times has Solana failed? ›

According to CoinTelegraph, the Solana network appears to be struggling with a heightened increase in demand for memecoins leading to about three quarter of user transactions on the network failing. The 75% fail rate of user transactions is a personal record on the Solana network.

Why does Solana have so many outages? ›

“The key reason is centralization and lack of validator client options. Solana's ambition for high throughput and low transaction times puts immense pressure on its infrastructure, making it susceptible to performance degradation and outages.”

Why has Solana dropped so much? ›

Historically, Solana has experienced significant price corrections linked to its network stability issues, including a notable instance when prices dropped nearly 14% after a network failure.

How much will 1 Solana be worth in 2030? ›

According to your price prediction input for Solana, the value of SOL may increase by +5% and reach $ 174.13 by 2030.

How much will 1 Solana be worth in 2025? ›

Solana Price (SOL/USD)

Solana price stood at $123.74. According to the latest long-term forecast, Solana price will hit $200 by the end of 2024 and then $300 by the middle of 2025. Solana will rise to $400 within the year of 2028, $500 in 2031 and $700 in 2035.

How many Solana coins are left? ›

The current circulating supply of Solana is 447.58M. This is the total amount of SOL that is available.

What is the highest Solana has gone? ›

Solana Overview
  • Solana Price. $152.27.
  • Solana Price Change 24h. 6.85%
  • Solana Price Change 7d. 13.84%
  • Solana Market cap. $68,037,861,752.00.
  • Solana Circulating Supply. 446,810,484 SOL.
  • Solana Trading Volume. $2,658,691,275.12.
  • Solana All time high. $260.06.
  • Solana All time low. $0.51.

What is the failure rate of Solana? ›

The Solana network appears to be struggling to keep up with a ravenous demand for memecoins, with data showing roughly 75% of transactions on the network currently failing.

What problem is Solana trying to solve? ›

Powered by its unique combination of proof of history and what's referred to as delegated proof-of-stake algorithms, the main problem Solana was attempting to solve was Ethereum's scalability issues. Delegated proof-of-stake is a variation of the more traditional proof-of-stake algorithm.

Does Solana have a future? ›

Solana price could reach a potential high of $500 by the end of 2024. Solana network has one of the fastest transaction speeds and success rates when compared to its rivals. SOL price, with a potential surge, could go as high as $1672 by the end of 2030. The current price of Solana is $ 128.17210649.

Is Solana worth buying? ›

It's easy to see why Solana is the preferred venue for meme coin investors. The fees are minimal, which means people can buy $5 or $10 worth of tokens without experiencing staggering transaction fees.

Is Solana a good investment today? ›

Is Solana a Good Investment? Solana is one of the largest cryptocurrencies out there by market cap. Its recent rise pretty much mirrors its strong performance in the second half of 2021, when it went from an also-ran to a major player.

Can Solana reach $3000? ›

VanEck, a spot ETF provider, estimates Solana could reach $3,000 or fall to $10 by 2030 based on their analysis of SOL token demand. Their scenario suggests a value of $335 by 2030.

Will Solana be around long term? ›

Solana will continue to be a significant player in the cryptocurrency market, facilitating the growth of a robust and scalable ecosystem. We anticipate widespread adoption and a flourishing ecosystem, which will significantly increase SOL's value to $1,700 by 2030.

Is Solana a good long-term investment? ›

With its high throughput and low transaction costs, Solana provides a compelling platform for NFT activities, positioning it as a strong contender for leading the market in 2024. “It has an opportunity to end 2024 with the largest majority of NFT volume if it can continue its recent trajectory,” Tan says.

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