Solana Network "Freezes" Again After 1-Year "Lag-Free" Period

Blockchain Solana, after a year without any major technical issues, has once again halted block production. While the technical team investigates the cause, the crypto community shows keen interest in this development.

After 1-year "lag-free," Solana network resumes "freeze"

In the afternoon of 06/02/2024 according to Vietnam time, the crypto community discovered that Solana's mainnet-beta had temporarily ceased producing new blocks. In simpler terms, the network was "frozen."

Solana's development team quickly issued a statement:

"Solana mainnet-beta is experiencing an issue, the process of creating new blocks is currently halted, core engineers along with validator parties are actively investigating the cause."

The Solana blockchain was inactive for about 1 hour and the technical team has yet to determine the root cause.

Meanwhile, the cryptocurrency community is intrigued by the incident. Solana has previously been mocked for frequent temporary halts in blockchain operations, so much so that the community has nicknamed it "Solagna." Back in September 2021, the network froze for 16 hours, resulting in significant losses.

However, the most recent incident prior to this was on February 25, 2023, nearly 1 year ago. Since then, Solana has been running smoothly without encountering any major technical issues, leading the community to believe that Solana had overcome its "lag."

Unfortunately, the current incident marks the end of Solana's "uninterrupted year."

History of continuous uptime over the past year for Solana. Source: Solana Status (06/02/2024)

The price of SOL is trading around $93.8, marking a sharp decline as news of the incident spreads.

1-hour chart of SOL/USDT pair on Binance at 06:10 PM on 06/02/2024.