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Solana (SOL) Price Drops as the Network Experiences 7-Hour Outage

Solana’s NFT minting tool, the ‘Candy Machine’, experienced a number of DDoS attacks on Saturday, April 30th. NFT minting bots sent requests for more than 4 million transactions per second, causing the network to crash. The resulting outage on Solana started on Saturday at 4:30 PM, and lasted until 11:00 PM EST.

Cause of the Crash Still Being Investigated

The enormous flood of transactions is mostly to be blamed on bots raiding the Candy Machine. However, Metaplex, the company behind Solana’s NFT solution, explained that the botting of the Candy Machine was only a partial reason for the crash. The underlying reasons are yet to be investigated, but a botting penalty for the application is set to be deployed soon.

In spite of the clarifications, Solana’s developers are still unsure how the bot attack managed to overcome the network’s active safeguards and obstruct consensus. Experts claim that bot attacks are easier to carry out on Solana because it has lower transaction fees than BTC and ETH.

Solana’s Consensus Criticized in the Wake of Repeated Outages

Solana had already received criticism following last September’s 17-hour outage, which led to important changes, such as new and improved code circulating between the validators. However, the network’s latest crash didn’t see any improvements implemented—it simply continued from where it had left off 7 hours prior. A successful cluster restart was announced later on Saturday night.

SOL regains Most of Its Crash-Related Deficit

The outage resulted in a rapid fall to SOL markets on Saturday. Solana’s native token dropped in value to $83.13 halfway into the system crash, but later recovered to $88.95, resulting in a decrease in price of only 0.3% over the last 24 hours. Nonetheless, Solana (SOL) still experienced a 7% loss for the week.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.