Ethereum’s competitor, Solana (SOL), has lost 15% of its value in the last 24 hours after the denial of service.
On Tuesday at 12:38 pm UTC, the Solana Status Twitter account announced that the beta version of the Solana mainnet was experiencing intermittent instability for 45 minutes.
Six hours after the announcement of the incident, Solana Status showed that an increase in transaction load of up to 400,000 per second caused network congestion, led to denial of service, and triggered network splits.
Since Solana engineers were unable to install the network, the validator community decided to coordinate a network reboot. The Solana community is currently preparing a new release and more information is expected soon.
The incident shattered Solana’s credibility, and prices fell 15% in 12 hours. Although SOL had already recovered from an all-time high of $ 215 on Thursday and traded below $ 175 before the crash, news of the power outage quickly pushed prices down to $ 145.
salt / dollar. Source: CoinGecko
Solana is not the only known crypto network to crash on Tuesday, as Ethereum Layer 2 Arbitrum One reported that the sequencer was down for about 45 minutes.
While Arbitrum One emphasizes that the user’s funds were “never compromised,” new transactions cannot be sent during this period. Offchain Labs, Arbitrum One’s construction group, emphasized that the network is still in beta testing and warned that “there may be more disruptions in the near future.”
The team attributes the downtime to “an error causing the sequence to stop” after sending too many transactions to the Arbitrum sequencer in a short period of time.
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And if the drama wasn’t enough for a day, an unknown entity also tried to attack Ethereum, and developer Marius van der Weyden tweeted the failed incident.
According to the developer, only a small number of Nethermind nodes were tricked into switching to an invalid chain because “all other clients rejected the long sidechain as invalid.” Since then, all affected nodes have been reorganized into the correct chain.