While the crypto market was in free fall on Friday, Solana experienced another network outage, causing panic among traders and DeFi users across the crypto community.
The Solana network has been plagued by problems in recent months, with this being the second incident in January. However, unlike previous instances, the most recent outage lasted approximately 48 hours.
The hiccup was first noticed by the Solana team on Friday, January 21, 2022, around 00:00 UTC.
“The mainnet-beta cluster is experiencing some performance degradation, we are currently investigating the issue,” the team wrote.
The team spent more than 24 hours investigating before determining the cause on Saturday at 17:55 UTC.
The issue was caused by “excessive duplicate transactions” performed by bots, according to the brief report on the Solana Status page.
The problem was resolved today (Sunday) at approximately 16:19 UTC, following the release and adoption of v1.8.14, which was designed to “mitigate the worst effects of the issue.”
“These forthcoming releases are aimed at improving the state of the network, with more improvements expected to roll out in the next 8-12 weeks. Many of these features are currently live on Testnet, where they are being rigorously tested,” the team added.
The recent Solana network outage provided another opportunity for developers and non-Solana supporters to mock the ostensible Ethereum killer.
According to HarperCollins author Mark Jeffery, Solana is already out of the running for the winning blockchain of the future due to persistent network outages.
While the network issue has been resolved, DeFi users on the blockchain have paid the price with heavy liquidations during the 48-hour network outage.
The Solana network outage over the weekend occurred during one of the worst periods in the cryptocurrency market. Prices had plummeted into the red, liquidation was looming, and users were looking for ways to top up their balances in order to avoid forced liquidation.
Unfortunately, Solana network users who took loans with collateralized assets such as SOL from lending platforms such as Solend were unable to save their assets during the market meltdown due to blockchain congestion. Following that, there was a massive liquidation across the board, leaving users to count their losses.