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Solana bounces back online after seven-hour outage as NFT demand grows

Solana bounces back online after seven-hour outage as NFT demand grows
TL;DR Breakdown
  • Bots sent the highest volume of transactions over the blockchain.
  • The unexpected interruption adds to the longstanding problems with Solana’s stability.

The Solana blockchain is back online following a 7-hour interruption due to many bots attempting to generate NFTs on the cryptocurrency network. Late Saturday, an NFT casting application for Solana known as Candy Machine suffered under a deluge of load from bots attempting to force actions, making Solana’s mainnet go down.

This flock drove authenticators out of accord for unclear motives. The system fell black at 4:32 p.m. EST after mass production became unfeasible as the situation became untenable. By 11:00 p.m EST, verifiers relaunched the bunch at slot 131973970, using Solana’s chat forums and a Google doc created by a verifier.

According to programmers and technicians from the Solana Foundation and Jump Crypto, the traffic hit an all-time high of 4Million cycles per second at 8 p.m. in London on Saturday. Supernodes had performed a batch reset on, and the network was functioning with decreased efficiency as nodes progressively came back online. Solana is now up by 4 percent.

While Solana’s journey towards the elite spot as an alternative to Bitcoin and Ethereum has been swift, the surge of bots and questions about stability keeps popping up in recent months. In January, the virtual asset’s platform saw a wave of outages and service difficulties that lasted up to 18 hours, angering investors who witnessed their stock values plummet while unable to sell tokens.

Solana proprietors credited the validator community for stopping the outage

Anatoly Yakovenko, a co-founder who was away for most of the fray, lauded the validator team for leading mainnet restoration. On Saturday, he was criticized on Twitter for allegedly going “missing in action” amid a blockchain crisis.

Compared with the prior 17-hour outage, the hard fork reset on Saturday did not result in a new code populating the validators. They picked up where the blockchain stopped off 7 hours earlier.

Validators debated whether to write code that might briefly halt Candy Machine activities as they prepared for the restart. A few in the Discord questioned if the move amounted to censorship. Nevertheless, it would only work if two-thirds of verifiers agreed to participate. On Saturday night, it appeared that few did.

Other parts of the system worked faster to strengthen their shields. Around 11:36 p.m. EST, Metaplex, a crucial curator of the Solana NFT system and a key partner, Candy Machine, announced that a 0.01 SOL “bottling penalty” would be implemented soon to help NFT projects manage high traffic.

The interruption caused a bloodbath in SOL markets, which lasted only a few hours. According to CoinGecko, SOL hit a 24-hour low of $83.13 approximately three hours into the disruption before rebounding back. Today SOL is trading slightly above $89.

According to insider information, Solana’s main programmers have not pinpointed the problem or explained how the botting attack overran the established measures to impede accord.

Demand for NFT affected more blockchain networks

The clamor for NFTs wasn’t limited to Solana during the holiday. On Saturday, clamor for virtual property in Yuga Labs’ upcoming metaverse game drove transaction costs on the supporting Ethereum network to soar, making it momentarily more expensive to mint an NFT than to purchase a land plot.

Token makers and traders must pay a premium to people who order operations on the Ethereum network when they generate a token or close a deal. Whenever the system gets overloaded, more fees are required to expedite a transaction, which raises transaction fees. This could affect Ethereum-based programs like Uniswap, thereby restricting operations on other systems.

The quest for NFTs is on the rise due to their uniqueness and value. The art exhibited by the non-fungible tokens bonds typically investors. Therefore, it is not shocking to experience the surge in demand for virtual assets.

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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