Try Quests to earn cryptoSolana Outages
Q82. Solana experienced another outage on 6/1 where validators were forced to restart the network. The network experienced a similar problem back on 5/1. After the restart happens during these outages, how do users on the network generally respond?
Questions:
Does the price of SOL drop because users lose confidence in the network?
Is there more swapping behavior and more stablecoin activity?
What protocols seem to have more activity after these types of events that on the average day in the Solana ecosystem?
Is there more fear from defi Solana users than NFT enjoyers?
Solana is a highly functional open source project that implements a new, permissionless and high-speed layer-1 blockchain.
Created in 2017 by Anatoly Yakovenko, a former executive at Qualcomm, Solana aims to scale throughput beyond what is typically achieved by popular blockchains while keeping costs low. Solana implements an innovative hybrid consensus model that combines a unique proof-of-history (PoH) algorithm with the lightning-fast synchronization engine, which is a version of proof-of-stake (PoS). Because of this, the Solana network can theoretically process over 710,000 transactions per second (TPS) without any scaling solutions needed.
Solana’s third-generation blockchain architecture is designed to facilitate smart contracts and decentralized application (DApp) creation. The project supports an array of decentralized finance (DeFi) platforms as well as nonfungible token (NFT) marketplaces.
Solana blockchain was rolled out during the 2017 initial coin offering (ICO) boom. The project’s internal testnet was released in 2018, followed by multiple testnet phases leading to the eventual official launch of the main network in 2020.
The chart below shows the Solana Price Since 2022-05-01 per hour .
As the conclusion of the chart, The most price of Solana was on May 5th at 3 Am, the price was around 94 dollars, and the least price of Solana was on June 4th and 3:00 Am about 36 dollars. From June 7th at 13:00 till June 8th at 15:00 the price has not changed and was 38.2 dollars. After the second outage on June 1st, the price decreased.
The chart below shows the Solana swaps on solana From 2022-04-25 till 2022-06-06.
As the conclusion of the chart, within the first outage on May 1st, the number of total swaps and total users increased and there were 117K users and 313K swaps. And during the second outage on June 1st, the number of total swaps and total users decreased and there were 127K users and 389K swaps.
The chart below shows the Solana swaps to stablecoins From 2022-04-25 till 2022-06-06.
According to the chart, within the first outage on May 1st, the number of total swaps and total users increased and there were 115K swaps and the total amount decreased to 75M. And during the second outage on June 1st, the number of total swaps and total amount both decreased and there were 170K swaps and the total amount was about 56M.
The chart below shows the total activities From 2022-04-25 till 2022-06-06.
According to the chart, within the first outage on May 1st, total sol decreased to 104K but the total number of users didn't change noticeably.
And during the second outage on June 1st, the number of total users and total sol both decreased.
The chart below shows the total number of Stakes and unstakes From 2022-04-25 till 2022-06-06.
According to the chart, during the first outage on May 1st and also second outage on June 1st, total number of Stakes and unstakes both decreased.
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