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Solana Resists Selling as Details on Network Outage Emerge

Fredrik Vold
Last updated: | 2 min read
Source: AdobeStock/Creativa Images

The Solana blockchain’s native token SOL is one of just a few bright spots in the crypto market today, after the release of more details about last week’s outage seems to have calmed down the nervous investors.

At 11:30 UTC, SOL was up by almost 4% over the past 24 hours to trade at a price of USD 142.91. 

The rise came on a mostly red day in the broader crypto market, with bitcoin (BTC) trading down by almost 2% and the smart contract competitor ethereum (ETH) being unchanged over the same time period.

7-day price chart of SOL. Source: CoinGecko

SOL’s ability to resist selling pressure in the market today placed it as the day’s second-best-performing token among the top 10 most valuable cryptoassets, right behind cardano (ADA), which is up 4%. 

The rise for Solana’s native token came as the Solana Foundation released an “initial overview” of the network outage which Solana had experienced on September 14, when the network was offline for 17 hours.

“Once the situation was diagnosed, the community proposed a hard fork of the network from the last confirmed slot, which requires at least 80% of active stake to come to consensus,” the Solana Foundation wrote. 

Over the following 14 hours, engineers across the world worked together to write code to mitigate the issue, they said, as well as to “coordinate an upgrade-and-restart of the network among 1000+ validators.”

Further, the report went on to emphasize the benefits of decentralization, saying that on a decentralized network like Solana, “validators are individually responsible for recovering the state and continuing the chain.”

“This was a coordinated effort by the community, not only in creating a patch, but in getting 80% of the network to come to consensus,” the team wrote about the community efforts to get the network functional again.

With the strong focus on the benefits of decentralization during the mitigation efforts, the Solana Foundation’s initial overview sought to downplay questions raised by some users last week about how decentralized the blockchain really is.

The questions, raised on the r/Solana subreddit, appeared after one Solana validator had argued that the community decided to “stop our nodes” and wait for “Solana Foundation’s instructions” on what to do next after the network went down.


Learn more:

Solana Week’s Worst Performer in Top 100 After Network Restart
Solana Soars to All-Time High, Enters Top 10, as NFT Project Launches

Ethereum, Solana, Polygon & Co Form A New Hot Market Of Blockchains 
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