Today an amazing thing happened. Now by amazing, I do not mean a good thing honestly I am pretty concerned about it because it is not every day that a blockchain literally crashes. If you have not heard yet Solana the crypto that has been on an absolute tear going from around $36 in August to a high of over $210 last week.
Today though just about the worst thing that could happen to a blockchain occurred. Due to bots the transactions per second of TPS hit 400,000 for the network and started to cause it to fork due to being so overloaded. This is something I have never seen nor read about and resulted with the network being offline for over 11 hours now. Amazingly the price of SOL, the native token, has held up pretty well still sitting at $160 at the current moment. For a coin, without an active network, I am pretty impressed!
Now the teams have been working on it and it appears that pretty soon according to their Discord they are going to attempt to relaunch the network. All of the node validators have been told to install the new software update and restart their node. The hope is that this will calm the system down and hold it together. This is a scary thing though to happen to the world number 4 crypto though. While I understand bots are a problem as they often are across different internet projects with how fast this blockchain has risen in popularity this could have some huge effects.
Now hopefully the code updates that they are patching the network with work and the network relaunches without any problems. I personally do not own any SOL as I have not had the time to do my due diligence and look into it. It has had some pretty big NFT drops on it though which is a huge reason why I want to check them out. This was not a 51% attack either this was the network truly just getting overloaded and unable to stay online. Solana's big selling point is how they can handle much more transitions per second than Bitcoin or Ethereum and I understand that 400,000 is an absurd number compared to either of those networks however people are going to want their network to be safe and stable!
Going offline is a bad bad look and at a time when the government and regulators are looking into ways and reasons to regulate crypto, this is super super bad. It will be interesting to see how the SEC, Fed, and Senate Banking Committee react to this news as they have been the ones in the news talking about regulations. Hopefully, they are able to quickly recover so that they can shake off any investigation or oversite by the government and the government can get back to focusing on other things rather than a blockchain going down.
I feel though that this might drive some people back to Ethereum as people would rather pay a higher price to keep their funds safe and secure then pay cheap transactions but have to worry about the blockchain being down for their investments and NFTs! Time will tell though but this new is definitely not the best for Solana or crypto overall!