The network underpinning one of this year’s fastest-rising cryptocurrencies has stopped processing blocks, according to a Twitter account run by the Solana project.
The problem stemmed from “resource exhaustion” in the network that caused denial of service, one tweet from the Solana Status account said. Third parties that validate transactions on the blockchain are preparing for a potential restart of the system if needed, the post added.
“Solana mainnet-beta is experiencing intermittent instability,” read another tweet. “Engineers are investigating the issue.”
The price of Solana has surged almost 270% over the past 30 days to recently trade at $162.89, according to Coingecko.com. It’s up more than 32,000% from its all-time low of 50 cents in May 2020, giving it a market capitalization of more than $48 billion. That makes it the seventh-biggest cryptocurrency, according to Coinmarket.cap.
Like Ethereum, the Solana blockchain is a platform for decentralized finance, or DeFi, applications. The goal of Solana is to create a fair and open financial system, where no one entity has a speed advantage over any other, Solana co-founder Anatoly Yakovenko, a former Qualcomm Inc. engineer, told the “Odd Lots” podcast last month.
