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What Is Known About the Solana Mainnet-Beta Outage

The Solana mainnet-beta goes out, the price of SOL goes down 

The Solana network, specifically its mainnet beta, halted operations and block production shortly after 11 am UTC for reasons yet unknown. The Solana Blockchain Explorer confirms the significant outage and mentions that system engineers are actively investigating the cause of the problem.

 

Solana outage

Right around the mentioned time, users on popular social media platforms started reporting an unusually long pause in the block production process on the Solana network. This delay had stretched to over half an hour at the time of writing, which is far longer than the normal block production time of no more than 400 milliseconds on the blockchain network.

 

Solana block production halt. Source: X

Solana's status page indicates that this recent outage is its first since February 2023. Although still in beta, Solana faced multiple outages in 2022 due to node issues. Back in September 2021, it experienced a prolonged downtime of almost 18 hours. This marks the 11th outage within the last two years.

Following the news of the mainnet-beta outage, the price of Solana (SOL) experienced a notable decline, shedding 3.6% of its value within just three hours. SOL dropped from $96.3 to a local low of $92.87, where it appears to be forming an intra-day bottom. This price level aligns closely with the one established at the beginning of February. Depending on the duration of the outage, further downward pressure may drive the price even lower to around $90 in the hours ahead, worsening the existing downtrend. 

 

SOL/USDT 1-hour chart. Source; Tradingview.

The recent Solana network outage undoubtedly carries negative implications for SOL staking, as validators and other network participants will not receive any staking rewards while the network remains offline. Historically, such outages have lasted for extended periods, potentially resulting in hours of missed rewards for stakeholders. Moreover, the full extent of the consequences stemming from this network degradation remains unclear until the investigation into the outage is concluded

UPDATESolana validator Stakewiz reported that developers are fixing the ongoing issue. Once ready, they'll provide instructions to validators. Validators are creating snapshots for a restart, aiming for consistency. They'll restart using version 1.17.20 once confirmed. Solana released version v1.17.20, instructing validators to upgrade. The network outage is affecting exchanges like Upbit, which suspended deposits and withdrawals for Solana-based tokens.