|

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:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Dogecoin Price Forecast: DOGE breaks key support amid declining investor confidence

Dogecoin (DOGE) trades in the red on Thursday, following a 4% decline on the previous day. The DOGE supply in profit declines as large wallet investors trim their portfolios. Derivatives data shows a surge in bearish positions amid declining retail interest.

Cardano Price Forecast: ADA dips below $0.37, hitting two-month low as bearish momentum builds

Cardano (ADA) price trades in the red, slipping below $0.37 on Thursday after correcting more than 7% so far this week. The ongoing pullback could deepen further as ADA’s social dominance declines and dormant wallet activity rises, suggesting bearish sentiment among traders.

Top Crypto Losers: Pump.fun, SPX6900, Bittensor slide further with double-digit losses

Pump.fun (PUMP), SPX6900 (SPX), and Bittensor (TAO) are leading the losses in the cryptocurrency market over the last 24 hours amid total liquidations of over $500 million. The retail segment alleges institutional manipulation amid an early-morning Bitcoin sell-off routine in the US market.

Bitcoin, Ethereum whipsaw sparks heavy liquidations amid accusations of market manipulation

The crypto market whipsawed on Wednesday as top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), quickly reversed gains from the early American session.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.