The Solana network is suffering a minor outage with the last transaction halted at 09.52 UTC, according to the block explorer.
Engineers and validators are currently investigating the mainnet-beta for the source of the problem. Blockchain company and leading Solana validator Laine tweeted: “It is not clear yet whether a recovery is possible without a coordinated cluster restart.”
Engineers are investigating and identifying a possible remediation, it is not clear yet whether a recovery is possible without a coordinated cluster restart.
Consensus on the last optimistic slot has been reached at 246464040, validators are on standby for next steps as needed
— Laine ❤️ stakewiz.com (@laine_sa_) February 6, 2024
According to a follow-up tweet by Laine, engineers were investigating the problem of building a patch. After testing the remediation, they will inform validators of the next steps.
Engineers are building a release containing a remediation, once this has been built and tested further instructions will be released to validators
— Laine ❤️ stakewiz.com (@laine_sa_) February 6, 2024
Laine then tweeted that engineers found “no inconsistencies” and validators are awaiting a final confirmation to proceed from “the last optimistically confirmed slot.”
Validators will be restarting the Mainnet-Beta cluster using version 1.17.20, jito-solana release is also available.
There are no inconsistencies in state found. We are awaiting final confirmation from core engineers to proceed
— Laine ❤️ stakewiz.com (@laine_sa_) February 6, 2024
Solana network performance impacts SOL price
The outage has had an adverse effect on the price of the Solana network’s native coin, SOL.
In the last hour, the price has dipped 2.2%, compounding a 24 hour depreciation of 4.4%, according to data by CoinGecko.
Over the last 7 days, SOL has shed 10%, wiping out all of its gains over the last 30 days.
SOL currently changes hands at $93.63. While chart data suggests the coin has found strong support at this level, the outage could mean SOL holders haven’t yet seen the end.
Based on historical data, SOL could bottom to previous support levels of around $0.87.
It’s unlikely to spiral down to its 2023 low of around $0.79, though. This previous bottom was part of a market-wide rout, catalyzed when JP Morgan CEO Jamie Dimon said that Bitcoin’s pseudonymous creator Satoshi Nakomoto could one day return and “erase” the cryptocurrency.
In short, SOL fans can probably expect more losses in the short-term, but the coin’s current price action is due to a technical fault, rather than any threats to the network or its reputability.
Sponge losses with this altcoin
Crypto’s leaders by market cap have yet to experience anything like their heady growth in the pandemic era. Now that regulators have shone their headlamps on the industry after scandals by Terra and FTX, the altcoin sector has potentially more room for growth.
ERC-20 token Sponge (SPONGE) hit exchanges last April and posted an immediate rally of 150%. Having recently migrated to Polygon, the network is on the verge of releasing SPONGE V2. The V1 was discontinued yesterday.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Sponge V2 features an improved staking model and serves as the native token of a play-to-earn (P2E) racing game.
Race winners are rewarded in SPONGE V2 tokens, which they can stake for an annual yield of 245% APY.