Solana’s validators are preparing a new release after the network was brought down by a sudden surge in transaction volume while Ethereum has evaded a malicious attack.

Surging Ethereum rival, Solana (SOL), has shed 15% of its value over the past 24 hours after suffering a denial-of-service disruption.

On Sept. 14 at 12:38 pm UTC, Twitter account Solana Status announced that Solana’s mainnet beta had been suffering intermittent instability over a 45-minute period.

Six hours after announcing the incident, Solana Status explained that a large increase in transaction load to 400,000 per second had overwhelmed the network to create a denial-of-service and cause the network to start forking.

With Solana’s engineers unable to stabilize the network, its validator community opted to coordinate a restart of the network. Solana’s community is currently preparing a new release, with further information expected to be released soon.

The incident has knocked confidence in Solana, with prices falling by 15% in 12 hours. While SOL had already retraced from its Sept. 9 all-time high of $215 to trade below $175 prior to the incident, news of the outage quickly saw prices slide down to $145.

SOL/USD: CoinGecko

Solana is not the only high-profile crypto network to have suffered downtime on Sept. 14, with Ethereum layer-two rollup network Arbitrum One reporting its sequencer had gone offline for roughly 45 minutes.

While Arbitrum One emphasized that user funds “were never at risk,” new transactions could not be submitted during the period. Offchain Labs, the team building Arbitrum One, also highlighted that its network is still in beta and warned that “further outages are possible in these early days.”

The team attributes the downtime to a “bug causing the sequencer to get stuck” after a very large batch of transactions were submitted to the Arbitrum sequencer over a short period of time.

And if that wasn’t enough drama for one day, an unknown entity also unsuccessfully sought to attack Ethereum, with developer Marius Van Der Wijden flagging the failed incident on Twitter.

According to the developer, only a small number of Nethermind nodes were tricked into switching to the invalid chain, with all other clients having “rejected the long sidechain as invalid.” All affected nodes have since reorganized back to the correct chain.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu bulls can't hold SHIB from dropping to $0.000006

Shiba Inu price has fallen -28% over the past four trading sessions. Bears remain in control as bulls fail to complete a breakout above $0.000008. Bulls must hold $0.000007 to prevent a drop towards $0.000006.

More Shiba Inu News

Solana price could reach $175 after SOL's recent rebound

Solana price bounced off a significant Fibonacci level. Bulls ramped up price action with 18% of profits. Another leg higher will hold 20% of additional profits for bulls if they can clear $150 in Solana price action.

More Solana News

Elrond forms bull trap anticipating 25% downturn

Elrond price is clawing back, paring some losses from the previous day. Bulls are getting rejected at $208. More downturns to come as a bull trap looks to be forming.

More Elrond News

Alts rebound while BTC tends to its wounds

BTC closes above the August 1 swing high at $42,599, indicating the end of descent for now. ETH shows signs of life after a close above $3,011 support floor. XRP needs to climb above the $1.01 demand barrier to enter the safe zone.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP