The Solana Mainnet Beta came across a large surge in transaction load, the transaction load peaked at 400,000 TPS. The transactions flooded the processing queue, and the lack of prioritization of network critical messaging resulted in the network forking.
The forking resulted in excessive memory consumption causing the nodes to go offline. Attempts were made by the engineering team across the ecosystem to stabilize the network, but the network remained unstable.
The price at the press time is $164.39, experiencing a 24-hour low of $143.55, 24-hour trading volume stood at $6,388,317,658. Reports suggest the SOL price dipped by 8% following the network crash.
However, the elected validator community have now successfully completed a restart of the Mainnet Beta after an upgrade to 1.6.25. The decentralized applications, block explorers, and supporting systems will be back in action in the coming hours. And, hopefully, the complete network will be restored in due course of time.
Consequently, netizens are comparing the SOL network crash with that of Ethereum’s Shangai attacks back in 2016. While Ethereum didn’t stop adding blocks to the chain owing to multi-client design decisions, a restart was the only way for the Solana network.
However, the SOL network is coming back on track to recover the losses at the earliest. Hence the crash was on the Mainnet Beta version, not a complete version, that requires revisions. We can surely expect the team to be much more vigilant and prepared against unforeseen incidents.