Decentralized Blockchain Solana Out Again?
On Friday night, at 7:01 pm EST, the the Solana network was experiencing performance problems. It also said that the blockchain developers were working on identifying the issue. It was not long after that Solana posted about the network experiencing an outage and it was not able to process any transactions.
Solana has become immensely popular for the purpose of decentralized applications (DApps) and for minting NFTs (non-fungible tokens).
Due to the crypto winter, the SOL token has almost lost 81% of its value in this year.
It was already the fourth major outage since the start of 2022. In January, they had a series of issues and this new outage comes at a similar moment as last year where the chain was offline for more than 18 hours.
This time the issue lasted around 2 hours and 45 minutes due to a misconfiguration that failed the node setup. The network had to be restarted and left
The stability of Solana and the number of incidents leaving the token and their executives to explain in the Crypto media. The erosion trust could be hindering the adoption of SOL.
Crypto traders demand further layer of protection to reestablish trust in Solana.
Could insurance be a 2nd best solution?