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Solana’s Trend On Power Outage

Solana is one of the top cryptocurrency blockchains in the digital world of cryptocurrency, next to Bitcoin and Ethereum. Investors who have been investing within Ethereum’s blockchain have been seen to be entering the blockchain of Solana. This is because the blockchain has been gaining momentum in the NFT and DeFi ecosystems due to its cheaper fees and faster transaction speeds than Ethereum.

According to its website, Solana’s blockchain can process 50,000 transactions per second, and its average cost per transaction is only $0.00025. On the other hand, Ethereum’s blockchain can roughly handle 13 transactions per second, and its transaction fees are substantially expensive compared to Solana.

Over the past few months, Solana’s value was seen to be on a downward trend. There were many factors that caused this trend, but one of those factors was the multiple power outage that the blockchain network has experienced.

Since the beginning of the year 2022, Solana’s blockchain has experienced a total of 5 power outages. These power outages would last for hours and have caused the downward trend of Solana’s price. The first, and so far, worst, outage that Solana experienced was in January 2022. The outage lasted for several days, from January 6 to 12.

Last May 2022, Solana also suffered an outage, that lasted for over 7 hours. It was reported by sources that the outage was caused by bots trying to trade Non-Fungible Tokens (NFTs) on the network.

The latest was this month, last June 1, 2022. That day, Solana suffered its 5th power outage of the year 2022. The outage lasted for over four and a half hours and has caused a downtrend of its prices of as much as 14% within the first 24 hours and almost 17% a week after that outage. 

Several sources said that a bug in the mechanism has caused the pause in their network. Solana released a statement that day stating “Earlier today a bug in the durable nonce transactions feature led to nondeterminism when nodes generated different results for the same block, which prevented the network from advancing.”

According to the official documentation page of their website, durable transactions nonces are “a mechanism for getting around the typical short lifetime of a transaction’s block hash.” Anatoly Yakovenko, the co-founder of Solana, explained in his tweet “A bug in the mechanism caused part of the network to consider a block invalid, preventing a consensus among validators.” 

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