Ethereum’s burgeoning rival Solana (SOL) has lost 15% of its value in the past 24 hours after suffering a service disruption.
September 14 at 12:38 UTC, Solana Status Twitter account announcement that the beta version of the mainnet of Solana suffered from intermittent instability over a period of 45 minutes.
Six hours after the incident was announced, Solana Status explained that a sharp increase in the transaction load to 400,000 per second had overwhelmed the network to create a denial of service and cause the network to start.
1 / Solana Mainnet Beta encountered a sharp increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and the lack of prioritization of critical network messages caused the network to boot.
– Status of Solana (@SolanaStatus) September 14, 2021
Solana engineers being unable to stabilize the network, its community of validators chose to coordinate a restart of the network. The Solana community is currently preparing a new version, and more information should be released soon.
The incident shook confidence in Solana, with prices falling 15% in 12 hours. While SOL had already returned from its all-time high on September 9 of $ 215 to trade below $ 175 before the incident, news of the outage quickly brought prices down to $ 145.
Solana is not the only high-level crypto network to experience a downtime on September 14, with the Ethereum Arbitrum One layer-two stacking network reporting that its sequencer was offline for approximately 45 minutes.
While Arbitrum One stressed that user funds “have never been at risk”, new transactions could not be submitted during the period. Offchain Labs, the Arbitrum One team building, also pointed out that its network is still in beta and warned that “other outages are possible in the early days.”
– Alouette Davis (@TheCryptoLark) September 15, 2021
The team attributes the downtime to a “bug causing sequencer to crash” after a very large batch of transactions was submitted to the Arbitrum sequencer over a short period of time.
Related: Arbitrum’s TVL hits $ 1.5 billion as DeFi transforms into ArbiNYAN
And if that wasn’t enough for one day, an unknown entity also tried unsuccessfully to attack Ethereum, with developer Marius Van Der Wijden reporting the failed incident on Twitter.
According to the developer, only a small number of Nethermind nodes were made to switch to the invalid chain, with all other clients “rejecting the long side chain as invalid”. All affected nodes have since rearranged into the correct chain.