Latest Solana outage leave users liquidated

With the crypto marketplace witnessing 1 of the astir bearish weeks successful caller memory, Solana, the much-heralded rival of Ethereum, saw a web outage that lasted for much than 24 hours which led to monolithic losses for users of the blockchain.

Solana goes disconnected again

On January 21, the Solana web squad revealed that the web was suffering an outage. Then, the origin of the “performance degradation” was unknown, but 24 hours aft investigation, it was revealed that the contented was caused by bots performing “excessive duplicate transactions.”

Notably, this outage coincided with erstwhile the planetary crypto marketplace was experiencing a dense autumn connected Friday. Aside from this, it would beryllium the 2nd clip that the Solana web would spell offline successful this twelvemonth alone. 

DeFi users number their losses

Available accusation has shown that DeFi users of the blockchain were near to rue their losses owed to the web outage.

Users of Solend, a decentralized protocol for borrowing and lending connected the Solana blockchain, saw their trades liquidated arsenic they were incapable to repay loans oregon adhd liquidity to their portfolios. 

We're painfully alert of the issues successful which users were incapable to prevention themselves from being liquidated owed to web congestion, and are looking into reconciliation.

— Solend 🟠 (@solendprotocol) January 23, 2022

The DeFi protocol acknowledged the occupation immoderate of its users mightiness person faced portion trying to prevention themselves from liquidation, saying it was “looking into reconciliation.”

Some reactions connected Twitter person shown that respective users admit the motion and are counting connected the Solend squad to assistance them recoup immoderate of their losses.

What this latest outage means for Solana

While galore institutions and analysts person glowingly described the Solana network arsenic a viable alternate to Ethereum owed to its quality to standard and its cheaper fees, persistent web outage issues person led galore skeptics to question whether it could flip the second-largest crypto plus by marketplace cap.

Sqlana is down again. uptime is simply a hard occupation successful web2

CAN DEVOPS bash something? pic.twitter.com/1saTnoLFga

— Evan Van Ness 🐬 (@evan_van_ness) January 21, 2022

Mark Jeffery, an writer with HarperCollins, said that helium has zero religion successful Solana and believes it is the caller EOS. According to him, the psyche for DeFi is present betwixt “ETH, BSC, Fantom, Avalanche, and Terra.”

Solana introduces v1.8.14

In its bid to combat the latest outage, the Solana squad has introduced a caller mentation dubbed v1.8.14, which it believes would assistance to mitigate the glitch’s worst effects. 

While describing the caller version, the squad said, “These forthcoming releases are aimed astatine improving the authorities of the network, with much improvements expected to rotation retired successful the adjacent 8-12 weeks. Many of these features are presently unrecorded connected Testnet, wherever they are being rigorously tested.”