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The price of Solana (SOL) on Friday, September 17, 2021, fell 10% to $ 135.25, after its recent rally and all-time high on September 9, due to grid stability issues in the midst of a flood of transactions.
Market value drops to $ 20 billion
During a recent week of technical challenges for Solana engineers, the price of SOL dropped to $ 135.25 on Friday, September 17, 2021. Transaction throughput peaked at 400,000 transactions per second, which caused the network to boot, resulting in increased memory consumption. This caused some nodes to disconnect. This is believed to be a Layer 1 defect, which occurred for approximately 17 hours. The network has been successfully restarted by engineers and all nodes are back online as of September 16, 2021. Solana said she would continue to implement fixes and promised to provide a detailed report on the outage. in the coming weeks.
Losses pale compared to 2021 gains
The decline in the price of SOL since the Solana network outage has seen Ethereum prices rise by 4%. However, SOL performed significantly better in 2021 in terms of earnings; it saw a gain of around 7,800%, compared to Ethereum’s 370%. It was only recently that the SOL price crossed the $ 50 billion mark. This has been a hallmark of altcoin growth this year, with Binance Coin and Ada also experiencing significant growth.
Still early for fast and scalable blockchains
Some experts have pointed out that the initial Ethereum deployment posed similar problems and, as such, see this as a learning curve for other smart contract-based blockchains. Multicoin Capital Managing Partner Kyle Samani sees Solana’s network as a serious competitor to Ethereum, despite its startup issues. Solana is a blockchain based on smart contracts, supporting finance and decentralized applications.
Solana’s incorporation of smart contracts has helped her capitalize on the booming NFT markets. Cardano is also competing in this space after recently upgrading its network to support smart contracts, using the Plutus language.
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