Investing.com – Down more than 13% since yesterday at the time of writing, the cryptocurrency is by far the biggest drop in the top 10 on Thursday morning, driven by risk aversion which notably brought back the , but also following a 4-hour interruption of the Solana network yesterday afternoon.
After a daily high above $46 at the start of yesterday, Solana bottomed at 39.10 overnight Wednesday-Thursday, a drop of 15% in about 24 hours, and remains close to this recent hollow this morning.
Solana’s official status page and Twitter account (NYSE:) reported the issue just before 7 p.m., and validators brought the network back online via a reboot around 11 p.m.
According to information provided by Solana co-founder Anatoly Yakovenko and other developers on Twitter, the problem was caused by a bug in the blockchain’s durable nonce function. Yakovenko said on Twitter that the issue “caused some of the network to consider the block invalid” and as a result “no consensus could be formed”.
The validators worked together to restart the Solana network with the durable nonce feature disabled, and Yakovenko added that the bug will be fixed in a future update. In total, Solana’s status page shows that the network has been unavailable for 4 hours and 10 minutes. As of this writing, some Solana RPC nodes are still coming back online.
Recall that Solana is a competitor of as a platform for NFT projects, decentralized applications and games (dapps) and decentralized financial services (DeFi).
However, the SOL is starting to be used to breakdowns. Remember that the Solana has experienced two periods of unavailability in recent months. In September 2021, the network was down for almost 18 hours after being overwhelmed with transactions sent to a DeFi protocol for the launch of a new token.
On April 30, the network then crashed after NFT coin-minting bots overwhelmed Solana with 6 million transactions per second.