Solana (SOL), one of the largest cryptocurrencies after Bitcoin (BTC) and Ethereum (ETH), plunged more than 12% on Wednesday following reports of its blockchain network experiencing further disruptions.
It is understood the incident occurred when the in -network validator did not process the new block for several hours resulting in the application built on the Solana block being offline.
The incident was confirmed by the twitter account @SolanaStatus who had advised the verifier on his blockchain to restart, by following the instructions linked by him.
Validator operators successfully completed a cluster restart of Mainnet Beta at 9:00 PM UTC, following a roughly 4 and a half hour outage after the network failed to reach consensus. Network operators an dapps will continue to restore client services over the next several hours.
- Solana Status (@SolanaStatus) June 1, 2022
The disruption is the second in a month for Solana, which often promotes itself as a high -performance network that aims to complete transactions fast and rival the Ethereum network.
It previously suffered a similar disruption on May 1, causing its network to be disconnected for about seven hours.
At the time of writing, Solana is trading at around $ 39 after posting a 2% loss today.
The decline also followed a decline in Bitcoin which slipped back to trade at $ 29,800.
