BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

Solana Experiences Another Outage, Significantly Hurting its Price

Alexa by Alexa
June 2, 2022
in Crypto
Reading Time: 2 mins read
A A
Solana Experiences Another Outage, Significantly Hurting its Price
1
SHARES
12
VIEWS
Share on TwitterShare on Reddit

Solana, one of the largest cryptocurrencies, fell more than 12% on Wednesday as its blockchain suffered its second outage in the last month.

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

The blockchain saw technical problems when its network validators stopped processing for a few hours. Solana applications were also taken offline as a result.

A Twitter account named Solana Status that’s dedicated to keeping up with all things Solana, flagged the outage at about 1 P.M. ET. In order to fix the outage, validators had to restart, following the instructions posted on the Twitter account. The outage lasted about four and a half hours. 

Solana has gained popularity in recent years as a faster and cheaper alternative to Ethereum. Its blockchain processes 50,000 transactions per second, and its average cost per transaction is $0.00025, according to the blockchain’s website. Ethereum can handle only about 13 transactions per second and fees are substantially more expensive.

Investors who had been focused largely on Ethereum began diversifying into Solana and other alternative blockchains during last year’s crypto run-up, and Solana closed a $314 million private token sale led by Andreessen Horowitz and Polychain Capital in June 2021.

But the last year and a half have laid bare the trade-off as the blockchain network has suffered multiple outages. Most recently, on May 1, Solana locked up for several hours before it was similarly brought back online following a restart of its validator network.

Tags: Solana
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
Binance CEO Changepeng Zhao Expresses Skepticism Towards Terra Revival

Binance CEO Changepeng Zhao Expresses Skepticism Towards Terra Revival

Related News

Coinbase

Stocks Slumps as Coinbase Faces Lawsuit for Patent Infringement Over Crypto Transfer Technology

October 3, 2022
US Flag with Bitcoin

The US Puts Out A Warning Strike On Crypto, How This Could Affect Crypto Standing in The US

December 11, 2022
Robinhood wallet

Robinhood Launches iOS Wallet, Android Support Coming Soon

March 3, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?