- The Solana network recently experienced a forking event that throttled users’ ability to execute transactions on the SOL blockchain.
- It remains unclear what has caused the “long forking event” on the Solana blockchain, according to two representatives close to the matter.
- Solana price plummeted 4.2% since February 24, as Solana Labs engineers continue investigating the root cause of the issue.
Solana Network’s transaction processing cratered after a forking event on the SOL blockchain. Engineers are currently investigating the issue. The network’s throughput declined to an extent that is prohibiting SOL users from conducting trades and on-chain transfers. SOL price declined in response to the development.
Also read: Here’s why Solana can reposition itself as an Ethereum-killer in 2023
Solana Explorer hit by “long forking event,” engineers investigate
Solana Explorer was processing about 93 transactions per second near 2:00 AM EST, well below the network’s rate of 5,000 Transactions per Second (TPS). Such low throughput has prohibited users from conducting trades and transfers on-chain.
While engineers are investigating the issue, the asset’s price has declined with falling network activity. Solana network is still confirming blocks, but validators that verify transactions on the SOL blockchain are at a risk of running out of memory. To tackle this issue, engineers have to determine the root cause of the “long forking event.”
In a Discord channel established to coordinate efforts to tackle Solana blockchain’s current challenges, engineers and validators are discussing several options including a potential network restart or a software downgrade. No consensus has been reached at press time.
SOL price dropped nearly 5% overnight. The Ethereum-killer token is trading close to its 24-hour low at $22.65. It remains to be seen whether a resolution of the forking event on the Solana blockchain triggers a recovery in the altcoin’s price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.