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 Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


Revolut said that the standalone crypto exchange is currently “invite only”


The stock price jump comes after Coinbase reported ending its seven-quarter run of net losses during the fourth quarter


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders