Solana has been down for hours due to “resource exhaustion”

Solana has been down for hours due to "resource exhaustion"

In short

  • The Blockchain Solana network has been down for almost four hours at the time of this writing.
  • Solana Labs CEO Anatoly Yakovenko attributed the downtime to a flood of bot transactions on the DeFi Raydium protocol.

Solanaa rival block chain network to Ethereum and one whose native cryptocurrency has increased in value and activity in recent monthshas been down for almost four hours at the time of this writing.

Details of Solscan show that the last Solana block was produced just before 12 p.m. UTC (8 a.m. ET), as of this writing. The official Solana Support Twitter account originally tweeted that the mainnet-beta network “experienced intermittent instability”.

“Resource exhaustion in the network is causing a denial of service, engineers are working on a resolution,” said the tweeted account in a later update. “Validators are preparing for a potential reboot if needed.”

Anatoly Yakovenko, CEO of Solana Labs tweeted to network validators that it’s “beta time” and implored them to join Solana’s official Discord server, ostensibly to coordinate the potential response.

In a Twitter response, Yakovenko told a user that the problem is due to the volume of transactions crushing bots during an initial decentralized exchange offering, or IDO, for a project. An IDO is a type of public token sale, similar to a ICOonly this happens on a decentralized, peer-to-peer exchange, rather than a centralized platform.

The IDO in question was taking place on the Solana-based Raydium, which is akin to decentralized exchanges like Uniswap to Ethereum. IoT Launched seems to be for grape protocola popular toolkit for Solana Challenge apps (peer-to-peer lending and trading apps) and NFT projects.

According to Yakovenko, the bots were “flooding the network” with 300,000 transactions per second, causing problems for Solana’s transaction queues. When a user responded by asking Solana to ban “first come, first served” IoT launches in the future, Yakovenko hesitates“No, just need to fix bugs. It’s part of life,” he wrote.

In another tweet, Yakovenko wrote that some of today’s issues were already fixed, but the software update was not yet available.

The sudden downtime has caused a lot of confusion in the community, especially when users attempt to use the blockchain network to transact funds, interact with DeFi protocols, and buy and sell NFT collectibles. Solana users on Twitter and Discord servers reported failed trades, for example, and a number of NFT projects reported drops and snapshots for airdrops.

Solana is touted as a more scalable alternative to Ethereum-one that is capable of handling thousands of times more transactions per second, and while using less power thanks to its proof of stake network design. The network’s native cryptocurrency SOL has seen its value rise recently, from around $35 on Aug. 1 to an all-time high above $213 last week, according to data from CoinGecko.

However, this isn’t the first time Solana has experienced downtime. The same mainnet-beta network fell for about six hours in December 2020, when validators restarted the network to resume block creation.

Decrypt has reached out to Yakovenko for comment and will update this article if we have a response.

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