Solana Suffers 10-Hour Outage

The news site Blockworks reports that Solana, a proof-of-stake smart contract blockchain, suffered a damaging 10-hour outage which resulted in uncontrollable forking, and had to be resolved with a rushed bug fix. The length of time required to fix the issue can be attributed to the nature of the software patch released, which required the community of validators to coordinate an update and restart the chain.

While Solana is still in ‘beta’ mode, its growing DeFi ecosystem is thought to have nearly $11 billion in total locked value. The blockchain has also benefited greatly from the recent popularity of Non-Fungible Tokens (NFTs), pushing the $SOL token to a market cap of $47 billion – making it a top-10 token. The outage caused the $SOL token to plummet 16% from its daily opening value. Once the patch was released, however, the token rapidly rallied by over 10%. 

Read the article Solana Recovers After 10-hour Outage at Blockworks