Technical problems lead to hours-long delay
The Solana blockchain, known for its high-speed processing and low transaction costs, faced an extensive network slowdown over the weekend due to technical issues. This is the latest in a series of outages and glitches that have plagued the network since its launch in 2020. The blockchain’s validators are currently trying to restart the network, with an official Twitter account associated with the blockchain citing a software upgrade issue as the reason for the restart.
“Vote-Only” mode and full restart of Solana Blockchain
During the upgrade, the blockchain entered a “vote-only” mode, which typically allows for swift problem resolution, but the network was unable to recover this time. This resulted in a full restart of the network.
Solana Foundation works to break ties with FTX and Alameda Research
While Solana has been praised for its speed and low costs, recent events, including the bankruptcy of FTX, which was associated with the blockchain, have raised concerns about its stability.
The Solana Foundation, which supports the blockchain, has been working to break all ties with FTX, Alameda Research, and Sam Bankman-Fried, the former CEO of FTX. Solana’s native SOL token, which had been trading at record lows in January, was valued at just under $22 in mid-afternoon trading in New York.