Solana has finally returned to the business, after the block that affected the network on Tuesday. Which lasted 18 hours, with significant consequences on the token price itself.
A block which, at least according to the news leaked so far, it would have been caused by an oversized volume of transactions.
Paradoxically, this is the umpteenth confirmation of Solana's success, even if an incident of this kind should push the group of developers working on the project to take action to prevent such episodes from happening again.
The company's tweet
The news of the restoration of the network was disseminated by the same company with a tweet. Who warned that decentralized apps, block explorers and support systems were now on the verge of bouncing back, laying the foundations for the full functionality of the system. It has not yet been possible to ascertain whether the announcement of Solana Status was followed by concrete facts, but the network crisis should still be a memory at least for now.
What happened to Solana
Solana's blocking was practically occurring just at 8am on Tuesday, when the validators stopped producing blocks. From that moment the network was unable to process the transactions until the network was restarted.
The block would have been caused by an exponential increase in transactions, too pronounced to be managed by the network.
At least this was there official motivation contained in a statement issued by the foundation that presides over the development of the project.
In practice, the engineers would not have been able to stabilize the system, with its consequent crash. The press release specified that Solana Mainnet Beta at that time found an increase in the transaction load such as to reach the peak of 400 thousand operations per second. A fork which resulted in excessive memory consumption, taking some nodes offline.
Anatoly Yakavenko's message
It was then to give further information on what happened Anatoly Yakavenko, the CEO of Solana Labs. Which in a tweet said the transactions were about raydium, a major decentralized finance protocol on Solana. Which was starting a IDO, or initial decentralized exchange offering, a type of token sale comparable to an initial coin offering ( ICO ). A concerning operation Grape Protocol, a set of tools dedicated to developers of decentralized finance apps. The difference is to be seen in the fact that its development involves a decentralized platform and not a exchange centralized.
The repercussions on the price of Solana
What happened naturally went to reflect on Solana's price. Which is collapsed by 13%, going from 169 to 145 dollars, and then back to 160 in the last hours. Thus continuing a trend characterized by strong changes, such as the one that led to it quotation from $ 35 posted in early August to $ 213 last week. Which represented an all-time high, which, however, should not last long.
SOL, in fact, is now proposing how one of the most accredited opponents of Ethereum. Trusting in particular on the many updates carried out over the last few months. Which have not only shown a speed not even remotely comparable to that of the creation of Vitalik Buterin, but also much lower transaction costs. Features that seem to be made on purpose to ensure an increasingly relevant success.