It’s a difficult day for Solana as the smart contracts blockchain encountered “excessive load and memory consumption” which caused repeated network forks and nodes to go offline, during a significant event starting on Sep 14 and still continuing, after bots spammed the network with a high number of transactions, bringing the network down. Currently, the blockchain has been down for over 7 hours and the elected validator committee is planning to restart the chain, an event likely to be a full-blown chain rollback.
A restart of the Solana blockchain means that validators will now try to restore and fix the blockchain, by reverting to an earlier copy of the blockchain, an action that might erase some tx records from the ledger. Analysts can’t assess the extent of the damage at this point. Solana’s main selling point is its extremely high transactions per second (TPS) count, around 400,000 tx/sec. This ensures rapid settlement and fluid operation. However, questions have risen regarding the platform’s decentralization caused by the near-impossible requirements to run a validator for average users, therefore limiting the ability of users to verify the activity by themselves.
Solana is currently down and not functional. The blockchain isn’t producing new blocks nor producing transactions and the users’ funds on the network became frozen until it comes back offline. It’s worrisome because the blockchain secures billions of dollars in value and is home to several important DeFi DApps. The blockchain explorer for Solana Bitquery shows that the last block mined on 14/09/2021 at 11:58 at block height 96538248.
How did this Affect its native SOL token?
Solana native token SOL hasn’t seen any crash though, part of it might be related to the user’s ability to access the tokens in the first place, since the tokens tradable at the point are those on the centralized exchanges. SOL price is down 7.2% and is changing hands currently at $153.96. The patch fix is likely to be rolled out soon and the network is slated to come back online, after the proposed restart, which will have long-term effects on the chain’s immutability, depending on the value of the txs that are likely to be reversed.