SOL price drops 5% due to Solana Network fork

The popular blockchain platform Solana Network has just undergone a major fork, leaving users unable to perform on-chain operations. According to Solana Explorer, the network’s transaction processing rate dropped to 93 transactions per second on Saturday, well below the usual rate of about 5,000 TPS.

The community was very concerned about this issue, as the sudden drop in throughput prevented Solana users from making transactions or transferring assets. While the exact cause of the issue has yet to be determined, two validators have confirmed that they are working with the Solana Foundation and Solana Labs to find a cause and a solution to the issue.

Staking operator SolBlaze has urged users to be patient until the cause of the fork is determined. He noted that the Solana network is still validating blocks, but validator operators risk running out of memory until a solution is found.

In a Discord channel set up for coordinated action, Solana validators and engineers discussed possible solutions, including restarting the network or downgrading the software. However, at press time, they had not reached a consensus on the best course of action.

The Solana network is known for its high throughput and low transaction costs, making it a popular platform for decentralized applications and transactions. However, recent forks have highlighted the need for robust and reliable infrastructure in the blockchain ecosystem. It also highlights the importance of an immediate coordinated response in the event of a network outage.

The Solana community is currently awaiting updates from validators and Solana Labs regarding the state of the network and any potential resolutions. At the same time, users should exercise caution when conducting on-chain operations on the Solana network.

At the time of writing, SOL price is down more than 5% and is trading at $22.87.

Source: TradingView

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