scorecardresearchSolana Blockchain Restarts After Bug Causes 4 1/2-Hour Outage

Solana Blockchain Restarts After Bug Causes 4 1/2-Hour Outage

Updated: 02 Jun 2022, 10:19 AM IST
TL;DR.
The Solana blockchain is back up and running after a software glitch caused an outage of more than four hours, the latest in a series of shutdowns of the network in less than a year.
A cryptocurrency automated teller machine (ATM), operated by trading platform Biotcoin Romania, right, inside a room of slot machines at a casino in Bucharest, Romania, on Tuesday, May 31, 2022. Cryptocurrencies re-established their tendency to trade in tandem with equities after divergence last week sparked concerns that investors would continue dumping digital tokens even amid a revival in demand for other risk assets. Photographer: Andrei Pungovschi/Bloomberg

A cryptocurrency automated teller machine (ATM), operated by trading platform Biotcoin Romania, right, inside a room of slot machines at a casino in Bucharest, Romania, on Tuesday, May 31, 2022. Cryptocurrencies re-established their tendency to trade in tandem with equities after divergence last week sparked concerns that investors would continue dumping digital tokens even amid a revival in demand for other risk assets. Photographer: Andrei Pungovschi/Bloomberg

(Bloomberg) -- The Solana blockchain is back up and running after a software glitch caused an outage of more than four hours, the latest in a series of shutdowns of the network in less than a year. 

While Solana’s rise to the upper echelon of crypto’s top alternatives to Bitcoin and Ethereum has been rapid, it has been hampered by outages in recent months. The digital asset’s network suffered a wave of blackouts and service issues lasting as long as 18 hours in January, prompting ire from frustrated traders who watched their portfolio values decline while unable to offload tokens.

The network remains secure, as do all funds, Solana said earlier in an Twitter post. 

The price of Solana’s SOL token slumped for a third day on Thursday, falling as much as 4.8% to $38.67 and underperforming most other major tokens. It had traded as high as $260 in November.

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

First Published: 02 Jun 2022, 10:19 AM IST