After suffering a denial of service disruption, Solana (SOL), a rising Ethereum competitor, has lost 15% of its value in the last 24 hours.
Twitter account Solana Status reported that Solana’s mainnet beta was experiencing intermittent instability for 45 minutes.
Six hours after the announcement, Solana Status stated that the network was overwhelmed by a significant increase in transaction loads to 400,000 transactions per second, causing a denial of service and causing the network to fork.
1/ Solana Mainnet beta experienced a significant increase in transaction loads, which reached 400,000 TPS. These transactions overwhelmed the transaction processing queue and network-critical messaging was not prioritized. The network began forking.
— Solana Status (@SolanaStatus) September 14, 2021
Solana’s engineers were unable to stabilize their network so the validator community decided to coordinate a restart. The Solana community is currently working on a new release. More information will be available soon.
Prices fell by 15% within 12 hours due to the incident. SOL had traded below $175 on Thursday, having already fallen from its record high of $215. However, prices quickly fell to $145 after the news about the outage.
SOL/USD Source: CoinGecko
Solana isn’t the only prominent crypto network that went down Tuesday. Arbitrum One, an Ethereum layer-two rollup network, reported that its sequencer was offline for approximately 45 minutes.
Arbitrum One stressed that user funds were “never at risk”, but new transactions couldn’t be submitted during this period. Offchain Labs, which is responsible for building Arbitrum One, warned that further outages could occur in the early days.
Lol, what the heck is happening today? $sol goes offline temporarily#arbitrum goes down almost for an hour#ethereum was attacked (unsuccessfully).
Lark Davis (@TheCryptoLark), September 15, 2021
After submitting a large number of transactions to the Arbitrum sequencer in a short time, the team attributes the downtime as a bug that caused the sequencer’s to become stuck.
Related: Arbitrum’s TVL rises to $1.5B after DeFi degens into ArbiNYAN
As if all that was not enough drama, an unknown entity attempted to attack Ethereum. Marius van der Wijden, a developer, flagged the incident on Twitter.
The developer claims that only a few Nethermind nodes were tricked to switch to the invalid chain. All other clients had “rejected long sidechains as invalid.” Since then, all affected nodes have been reorganized to the correct chain.