Solana Halted Again
Market Meditations | June 2, 2022
Today, Solana suffered their second network outage in the last month. Let’s take a closer look to find out what caused this outage and to see whether or not it has been fixed.
- On Wednesday, Solana experienced 4 hours of downtime caused by a bug. As of late Wednesday, Solana’s price is down 12.6% in the last 24 hours.
- Validators were able to restart the network after 4 hours of downtime by disabling the “durable nonce transactions.”
- Durable nonce transactions are a niche type of transaction that is designed for offline-use cases, aka cold storage transactions.
- For now, these transactions will remain disabled until developers are able to find and patch the bug in these transactions.
- The ramifications come to any crypto custodian who uses these types of transactions for offline tasks. This could freeze funds for some people until the patch is in place.
- Surprisingly enough, this is not a new bug to Solana operators. Laine from Stakewiz said in a tweet that the bug was being fixed but it had not been triggered up until this point.
Though Solana is back online, until this patch is in place some Solana funds may be tied up. As of Wednesday, exchanges such as Binance, Coinbase, and Crypto.com were all experiencing problems with Solana deposits and withdrawals.