SOL Stumbles as Solana Struggles with Technical Issues

Solana’s SOL token down nearly 8% as Solana Mainnet creaks under a high transaction load


Blockworks Exclusive Art by Axel Rangel


key takeaways

  • Solana engineers say network bug caused forking to begin when transaction load hit 400,000 TPS
  • Engineers were unable to immediately resolve the problem, which led to transactions not processing to blocks on the Solana blockchain. Instead, the validator community elected to do a restart of the network

Solana is down nearly 8% in the last 24 hours, according to CoinGecko, as the Alameda Research backed protocol experienced its first major growing pain. 

According to various Solana block explorers like SolanaBeach, the majority of transactions that were attempted onto the blockchain have failed. Data shows that while there were intermittent issues as early as a week ago, for the last eight hours that failure is now widespread and barely any transactions can be successfully written to the blockchain. 

“Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking,” the Solana Foundation said in a statement on their twitter account. “This forking led to excessive memory consumption, causing some nodes to go offline. Engineers across the ecosystem attempted to stabilize the network, but were unsuccessful.”

Loading Tweet..

The Foundation said that the validator community had decided to commence a restart of the network, and instructions on the restart would be posted to its Discord server shortly. 

Georgios Konstantopoulos, a research partner at VC fund Paradigm, speculated on Twitter that part of the issue came from a network of bugs spamming the network to exploit a bug that would reduce transaction fees. 

Others on Twitter were skeptical that the protocol, which launched earlier this year, would be able to handle institutional grade traffic should it crumble at this point of limited use. The Solana blockchain was home to this summer’s hottest NFT trend, the Degenerate Ape Academy with one going for $1.1 million earlier this month

Solana Labs CEO Anatoly Yakovenko was undeterred on Twitter, inviting Solana validators to get on the blockchain’s Discord to discuss the next steps. 

“It’s beta time,” he said, acknowledging the software wasn’t in a perfect state and there was some work to be done. 

SOL is currently trading for $153.76, down 8% on-day.

Are you a UK or EU reader that can’t get enough investor-focused content on digital assets?Join us in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket. Buy it now.


upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Sequencers: The Key to The Rollup Investment Thesis


Sequencers are one of the most explicit mechanisms in crypto for creating sustainable DAO-controlled revenue.



The SEC takes on the two biggest players in crypto within 24 hours


The SEC just sued Binance over alleged securities violations — now, the agency is coming for top US crypto exchange Coinbase


Binance’s ability to handle large outflows is once again tested as the market reckons with a fresh set of SEC allegations


Cboe Digital has CFTC permission to provide clearing services for margin trade on crypto futures at a time when regulators are closing in


The former part owner of the Minnesota Vikings misled a number of banks to process hundreds of millions of dollars of illicit crypto transactions


“We do not want to be regulated ever,” the SEC quotes an unnamed Binance CCO in lawsuit