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.

Pavan A
CBW - External Analyst
INDIA