Ethereum’s rival, Solana (SOL), has lost 15% of its value in the last 24 hours after suffering an interruption due to denial of service.
On September 14 at 12:38 pm UTC, the Twitter account Solana Status ad that Solana’s mainnet beta had experienced intermittent instability for a period of 45 minutes.
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Six hours after announcing the incident, Solana Status explained that a large increase in transaction load, up to 400,000 per second, had overwhelmed the network creating a denial of service and causing the network to begin to fork.
1 / Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.
– Solana Status (@SolanaStatus) September 14, 2021
1 / Solana Mainnet Beta encountered a large increase in transaction load peaking at 400,000 TPS. These transactions flooded the transaction processing queue, and the lack of prioritization of network-critical messaging caused the network to begin to fork.
Since Solana’s engineers were unable to stabilize the network, their community of validators chose to coordinate a network reboot.. The Solana community is preparing a new release, and more information is expected to be released soon.
The incident has caused confidence in Solana to fall, and its prices have fallen by 15% in 12 hours. While SOL had already regressed from its September 9 all-time high of $ 215 to below $ 175 prior to the incident, news of the outage sent prices rapidly falling to $ 145.
Solana isn’t the only high-profile cryptocurrency network to experience downtime on September 14; Ethereum’s layer two rollup network Arbitrum One reported that its sequencer had been disconnected for approximately 45 minutes.
While Arbitrum One emphasized that user funds were “never at risk”, no new transactions could be sent during that period.. Offchain Labs, the team that builds Arbitrum One, also noted that their network is still in beta and warned that “there may be more outages in these early days.”
– Lark Davis (@TheCryptoLark) September 15, 2021
Lol, what the heck is going on today? Sol goes offline for a few hours, Arbitrum goes down for almost an hour, and they attack Ethereum (without success)
The team attributes the downtime to a “bug causing the sequencer to jam” after a very large batch of transactions is sent to the Arbitrum sequencer in a short period of time.
And if that wasn’t enough drama for one day an unknown entity also tried unsuccessfully to attack Ethereum; developer Marius Van Der Wijden pointed out the botched incident on Twitter.
According to the developer, only a small number of Nethermind nodes were tricked into switching to the invalid chain, and all other clients “rejected the long sidechain as invalid”. All affected nodes have since been reorganized to the correct string.