On Tuesday, the Solana blockchain experienced a major outage that stopped the network’s mainnet operations for approximately 5 hours. The outage raised concerns about the blockchain’s stability and security as the incident became the 11th of the kind in the last 2 years.
Kicking Solana When It’s Down?
On February 6, the Solana blockchain network suffered a significant outage that lasted 4 hours and 46 minutes, disrupting the network’s operations and raising doubts about the blockchain’s reliability, exposing the project to fierce criticism.
The crypto community took no time to share their thoughts about the situation, with many crypto investors referring to memes and jokes to express their concerns about the history of Solana’s outages. This shows a lack of confidence in Solana’s ability to maintain a stable network, which could impact its credibility in the future.
Among the online voices, Cardano’s Founder, Charles Hoskinson, took the opportunity to poke fun at the situation by referencing his previous jokes about the network. Hoskinson’s remarks and the community’s response highlight the growing skepticism about Solana’s reliability.
This always works https://t.co/5kVRVGFM4l pic.twitter.com/X9yJXcETQn
— Charles Hoskinson (@IOHK_Charles) February 6, 2024
Members of the crypto community found the remark amusing. One user brought forward previous sarcastic comments that the Cardano founder made during an Ask Me Anything (AMA) session two years ago. The community’s reaction reflects a lack of faith in Solana and hints at a potential decline in its popularity.
“Collaboration with Solana would actually make a lot of sense.” @IOHK_Charles
Perhaps #Solana can become a partner chain? #Cardano pic.twitter.com/8Vp0NMNl7a
— St₳kΣ with Pride 🌈 (@StakeWithPride) February 6, 2024
Besides Cardano’s founder, Wall Street veteran and journalist Max Keiser also criticized the Solana team’s announcement in reply. Keiser called SOL, Solana’s native token, “centralized garbage” and took the opportunity to also shoot at coins like ETH, ADA, and BNB. This criticism indicates a broader skepticism about the entire blockchain industry and its ability to deliver on its promises.
Solana Swiftly Recovers
Despite the doubts and concerns of crypto investors during the outage, SOL’s price recovered from the initial drop and has recovered 1.8% in the last 24 hours, according to data from CoinGecko. At the time of writing, SOL is trading at $97. This recovery highlights the volatile nature of cryptocurrencies and the resilience of Solana’s ecosystem in the face of adversity.
SOL is trading at $97.2 in the 1-day chart. Source: SOLUSDT on TradingView.com
Featured image from Unsplash.com, Chart from TradingView.com
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