Surging Ethereum rival, Solana (SOL), has shed 15% of its value over the past 24 hours after suffering a denial-of-service disruption.
On Sept. 14 at 12:38 pm UTC, Twitter account Solana Status announced that Solana’s mainnet beta had been suffering intermittent instability over a 45-minute period.
Six hours after announcing the incident, Solana Status explained that a large increase in transaction load to 400,000 per second had overwhelmed the network to create a denial-of-service and cause the network to start forking.
1/ Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.
— Solana Status (@SolanaStatus) September 14, 2021
With Solana’s engineers unable to stabilize the network, its validator community opted to coordinate a restart of the network. Solana’s community is currently preparing a new release, with further information expected to be released soon.
The incident has knocked confidence in