Leading Ethereum (ETH) Competitor’s Price Falls by Double Digits After Network Crashes
The Solana (SOL) blockchain is experiencing yet another round of network problems, leading to a huge price crash.
The Ethereum (ETH) competitor announced on Wednesday that block production on Solana Mainnet Beta had temporarily halted.
Solana Status notes that validator operators successfully completed a cluster restart of the mainnet beta about 4.5 hours later, ending the outage.
Solana’s native token, SOL, was trading around $45 before the network crash and quickly plummeted to a low of $38.30, a decrease of more than 13%. Solana is trading for $41.45 at time of writing.
Solana recently suffered a network outage for seven hours between April 30th and May 1st when the project’s mainnet beta cluster “ceased producing blocks as a result of stalled consensus.”
The ETH competitor also dealt with publicized network and performance problems in December and January, as well as a previous outage last September.
Solana Labs says the network has suffered “intermittent congestions issues” since early January due to bot activity targeting non-fungible token (NFT) mints.
The technology company said in May that it plans to introduce a new fee system in addition to a host of other improvements as part of an effort to combat its repeated network failure issues.
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