Solana Outages
in 2022 Solana had 12 serious outages driving the price of its native coin SOL down more than 78% this year. On June 01, 2022, the latest outage shut down the network for four hours and 10 minutes, which means a peak potential of 975 million transactions did not occur during that blackout.
Solana is facing downtime after the production of new blocks on the network has ceased. According to data from Solana Beach block explorer, Solana’s validators have not processed new blocks for the last five hours, causing a total shutdown of all of its applications.
A recent post from Solana Status said that the mainnet beta now needed a restart from validators. “Validator operators should prepare for a restart in mb-validators on Discord,” the post read. As of press time, discussion toward a restart was ongoing in the validator Discord chat.
To mitigate this situation, the Solana team has asked validators to restart the network. It has released instructions for validators, which includes taking a snapshot of a specific time slot from where the network can be rebooted.
Back in September, Solana experienced a similar outage due to “resource exhaustion” that caused a denial of service across the network.
In January, the network again experienced a major slowdown from an influx of “high compute transactions,” causing many others to fail. Even last month, millions of NFT transactions caused the network to clog and go down again.
On Jun 1st, the chain’s native SOL token was already trading lower Wednesday when the outage began around noon ET; it continued its 24-hour slide and was down nearly 13% around 8:30 p.m. ET, trading at $39.98, according to CoinMarketCap. The price of Solana’s SOL token slumped for a third day on Thursday, falling as much to $38.67 and underperforming most other major tokens, later recovered and bounced back in the last 24 hours.
In the above charts you can see that how the number and amount of swaps from and to stable coins changed during outage dates but in the day after, the number and amount of swap from stable coins increasead in comparison with previous days.
In the two above charts you can see the volume of trades and you can see that how this amount increased on June 1st in comparison with May 1st.
In the above chart you can see swap amounts. On the outage dates(May and June 1st) this amount decreased sharply in comparison with previous and next days. The most part of swaps was always belonged to swap in wormwhole to USDC.