Solana Network Faces Another Outage, Crypto Exchanges Suspend Transactions

In a recent development, the Solana Mainnet-Beta has encountered a performance degradation, leading to a temporary halt in transactional activity, as confirmed by validators associated with the network on Tuesday.

Laine, a Solana validator, took to an X post to communicate the situation, stating, “Solana Mainnet-Beta is experiencing a performance degradation, block progression is currently halted, core engineers & validators are actively investigating.” According to data from Solana blockchain trackers, the last processed blocks were observed at 09:52 UTC.

Notably, Solana’s native SOL tokens appeared unaffected by the outage at the time of writing. This incident marks a temporary setback for the high-throughput blockchain platform, known for its rapid transaction speeds and low fees. Interestingly, this hiccup occurs almost a year after a significant downtime episode in April 2023 when the Solana network was offline for nearly two days.

Solscan and OKLink block explorers are currently indicating a suspected downtime in the Solana blockchain, with the last recorded transaction timestamped at 17:52 UTC+8.

In response to the interruption, Upbit, a prominent cryptocurrency exchange, has announced the suspension of deposits and withdrawals for SOL, GMT, RAY, and ACS. This move aims to mitigate potential risks associated with the ongoing performance issues on the Solana Mainnet-Beta.

The Solana community and stakeholders are keenly awaiting updates from the core engineers and validators as they actively investigate the root cause of the performance degradation. As the situation unfolds, Solana users and enthusiasts are advised to stay tuned for further announcements regarding the resolution of this temporary setback on the Solana network.

At the time of writing, the Solana network is still offline, and there is no official update on when it will resume normal operations. Solana’s SOL token has dropped by 4% in the past 24 hours, trading at $94, according to CoinGecko. The outage has also sparked a lot of discussion and speculation on social media, with some users expressing frustration, while others showing support and optimism for the Solana team.

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