The Solana Network has suffered from yet another outage recently. The outage resulted in the network going offline for around 24 hours and left the investors of the ecosystem suffering from losses. At present, the cryptocurrency market is suffering from a bear market transition. Solana network is among the top Ethereum parallel networks.
However, with the current outage, the trust of the Solana investors has been shaken. The latest incident took place recently when the developers of the Solana network reported that there was an outage. The main reason for the disruption was indicated as performance degradation. However, independent cyber security enterprises highlighted it as bots duplication traffic.
| Name | Price | 24H (%) |
|---|---|---|
 Bitcoin(BTC) | $107,657.00 | 4.37% |
 Ethereum(ETH) | $4,048.24 | 3.85% |
 Dogecoin(DOGE) | $0.409949 | 1.80% |
 Cardano(ADA) | $1.10 | 1.62% |
 Polygon(MATIC) | $0.61 | -0.21% |
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While the broader cryptocurrency market is undergoing a correction, the Solana network is particularly showing big issues. This is the second time that the network went out of order temporarily for the second time within two weeks. The biggest losses were registered among the Solend users.
Solend is a crypto-based borrowing platform at Solana. Due to the outage, the investors were unable to repay their debts or add liable liquidity to the network and had to suffer from penalties and loss of contracts. Solend network recently updated that the investors are currently in the process of reconciliation to recover from the losses.
The Solana developers recently announced a new update for the network called v1.8.14. According to the management of the Solana network, the version will allow the token to recover from the recent glitches and lags. The improved version will be fully integrated into the blockchain in the next 8 to 12 weeks.
Meanwhile, the crypto community has not held back its punches when it comes to the success of the Solana network’s recent fumble. HarperCollins author, Mark Jeffery recently tweeted that his trust level in the Solana network has dropped to zero. He also compared the Solana network to the demise of the EOS project a year ago when the community voted against the continuation of the project.
