|

Solana suffers 7th outage in 2022 as bots invade the network

The Solana network suffered a seven-hour outage overnight between Saturday and Sunday due to a large number of transactions from the nonfungible token (NFT) minting bots.

A record-breaking four million transactions, or 100 gigabits of data per second, congested the network causing validators to be knocked out of consensus resulting in Solana going dark at roughly 8:00 pm UTC on Saturday.

It wasn’t until seven hours later on Sunday, 3:00 am UTC that validators were able to successfully restart the main network.

The bots hoarded a popular application used by Solana NFT projects to launch collections called Candy Machine. In a Twitter post by Metaplex, the company confirmed that traffic from bots on their app was partially to blame for the network crash.

Metaplex shared that it would be implementing a 0.01 Solana (SOL), or $0.89 at the time of writing, charge on wallets that attempt to complete an invalid transaction which the firm said “is typically done by bots that are blindly trying to mint.”

The outage caused the price of SOL, the blockchain’s native coin, to crash by nearly 7% to $84, although trading since has seen prices recover to just over $89.

The most recent outage marks the seventh time this year that Solana has suffered outages, according to its own status reporting. Between January 6-12, 2022, the network was plagued with issues causing partial outages for between 8 and 18 hours.

Solana said “high compute transactions” caused a reduction in network capacity to “several thousand” transactions per second (TPS), much lower than the advertised 50,000 TPS.

Later in January, over 29 hours of downtime was recorded between the 21st and 22nd of the month, with excessive duplicate transactions again causing network congestion and outages on the blockchain.

In September 2021, Solana was hit with a major outage with the network offline for over 17 hours. Solana attributed that outage to a distributed denial-of-service (DDoS) attack on an initial decentralized exchange (DEX) offering with bots spamming the network with 400,000 per second. Industry observers commented on what has been often touted as an “Ethereum killer.”

Solana was the second network to strain under notable transaction volume related to NFTs over the weekend. The Ethereum transaction cost surged to an average of over $450 due to a release of 55,000 NFTs by Yuga Labs with some users paying up to 5 Ether (ETH), or $14000, in gas fees for transactions and much more to mint one of the NFTs.

Author

Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

More from Cointelegraph Team
Share:

Editor's Picks

XRP rebounds on surging whale accumulation

Ripple (XRP) holds above $1.40 support on Wednesday, as bulls return to take control following three consecutive days of declines. The remittance token’s upside appears capped at $1.50 while extended gains would face additional resistance at $1.70.

Bitcoin extends gains as investors shift to debasement-resistant assets

Bitcoin extends rally toward $80,000 amid persistent bullish momentum. Bitcoin’s SOPR indicator above 1 signals mild profit-taking, and a continued trend could suggest steady price growth as buyers absorb supply.

Crypto Today: Bitcoin, Ethereum, XRP bulls regain strength amid steady capital inflows

Cryptocurrency prices are broadly edging higher on Thursday, led by Bitcoin’s uptick near $80,000. Altcoins mirror Bitcoin’s short-term bullish outlook, with Ethereum trading above $2,500 and Ripple hovering above its key $1.40 support.

Cardano risks steeper decline amid easing retail demand 

Cardano is trading in the red on Thursday, with roughly 10% losses so far this week, suggesting capitulation after last week’s 30% rally. Waning retail demand in ADA futures amid declining Open Interest and funding rates suggests capitulation speculation.

Bitcoin: The US Treasury saves BTC

Bitcoin extends gains, trading above $77,000 on Friday after rallying over 20% and reaching its highest level since mid-May. Crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations, posting their 7th-largest liquidation event in history.