Update on the Solana Network block production halt
During its lifetime, the Solana network has encountered a number of failures, including halting block production on June 1, 2022. Validators will prepare to restart the network, according to an update from the Solana network status.
In a tweet on the Solana halt, Solana said validator operators were being asked to start preparing for a restart, "block manufacturing on Solana Mainnet Beta has halted. Validator operators ought to put together for a restart in mb-validators on discord.”
The company advertises itself as a high-performance blockchain, designed to compete with Ethereum. However, after another outage occurred on its network on Wednesday, the third most valuable cryptocurrency fell 10%.
According to the Block, Solana hasn't produced new blocks for five hours, causing the network and all its applications to shut down. This is the second outage this month for the network, which often promotes itself as a fast-transaction network.
Developers at Solana have acknowledged the issues they faced and the resulting "performance degradation." The team cited "high compute transactions, which reduced network capacity to several thousand transactions per second."
Despite all of the problems in the past, it was still able to perform fairly well with respect to the NFT market. According to the latest info from crypto analytics platform, Messari, Solana’s NFT shopper base took a steep leap during the quarter, ultimately making it the next-largest protocol after Ethereum.
According to CoinMarketCap, Solana's market capitalization stands at $13 billion. SOL currently trades at a price of $40.59, down 11.24% within the last 24 hours.
Crypto analysts are concerned about the network's decentralization due to repeated outages.
CBW - External Analyst