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28 March 2024
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Defi Users Pay The Price As Solana Network Faces Another Network Hiccup

  • When the crypto market was going through the deadliest massacre in months on Friday, the Solana Blockchain network had another hiccup. It caused panic among traders and DeFi users in the crypto community.
  • This is not the first time such a hiccup has happened on the Solana network. It’s the second time in January, and before that, Solana also had network issues. The latest incident lasted for 48 hours.
  • During the 48 hours when the network was down, DeFi users faced heavy liquidations. However, the network issues have been resolved now.

On Friday, while the crypto market was facing the bloodiest carnage in months, Solana suffered a network mishap that caused anxiety among traders and DeFi users in the crypto community.

Solana Network Issue Lasted For 48 Hours

Over the last few months, the Solana network had several issues, and the recent hiccup is the second in the ongoing month. However, the current incident lasted for about only 48 hours. 

The Solana claim that they first became aware of the mishap at about 00:00 UTC on January 21, 2022.

The team further informed that they have some performance degradation and are looking into the issue.

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The investigation lasted for over 24 hours when the team identified the issue at 17:55 UTC on Saturday. 

As per the brief report on the Solana Status page, the reason behind the issue was “excessive duplicate transactions” done by bots.

On Sunday, after the release and adoption of v1.8.14, which was intended to reduce the worst damage of the issue, at around 16:19 UTC, the issue was resolved.

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With more improvements anticipated to release in the next 8-12 weeks, the team further said that these upcoming releases aim to improve the state of the network. Many of these features are at the moment live on Testnet, where they are being put through various tests. 

The latest Solana network issue rendered non-Solana supporters and developers another opportunity to mock the presumed Ethereum killer.

Due to persistent network outages, Solana is already out of the race of winning blockchain of the future, believes HarperCollins’ author Mark Jeffery.

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Tech investor Daniel Cheung have mutual feelings:

DeFi Users Suffer Loses 

The network issue has been fixed; however, DeFi users on the blockchain suffered from heavy liquidations over the 48 hours when the network was down.  

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The Solana network hiccup happened when the crypto market was in the worst state. Liquidations were in a new sight, prices dropped to a new low, and users searched for ways to recharge their balance to dodge forced liquidation. 

As the blockchain grappled with congestion, Solana network users who took loans with collateralized assets such as SOL from lending platforms like Solend could not protect their assets during the market meltdown.

A massive liquidation across the board followed it, and users had to pay the price as they suffered the losses.

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Solend showed its sympathy towards affected users and said it is reconciling them:

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