Solana officially communicated today as follows:
Monitoring - A coordinated restart is underway to address an issue during the upgrade from 1.13 to 1.14 that caused block finalization to slow significantly.
Validators: please follow instructions below https://docs.google.com/document/d/e/2PACX-1vQzf7XpdoXB99lCWu6na9PhLy4SOx-xcjP1LlGiVR0PB6vpyGpol1c8_PufAa8TZZp_R0NlgaqlC7a1/pub
Feb 25, 2023 - 12:32 UTC
Investigating - Engineers are currently investigating slow root production on mainnet beta
Feb 25, 2023 - 06:37 UTC
Should you worry about this new outage??
Like any other network or system, Solana is not immune to outages or downtime. Solana has already experienced a few network outages from December 2020 till today.
During an outage, users may not be able to perform transactions or access their assets on the Solana network. This can be concerning for those who rely on the network for various purposes, including trading and investing.
However, it is important to note that network outages are not uncommon in the cryptocurrency space. Most networks, including major ones like Bitcoin and Ethereum, have experienced downtime at some point. The causes of these outages can vary, from technical issues to attacks by malicious actors.
The current outage would be due to a forking of the network, and hence validators would have to downgrade to a previous software version to fix, it what takes a few hours.
If you are a user of the Solana network, it is important to stay informed about any outages or issues that may affect your transactions or assets. You can monitor Solana's official social media accounts or forums for updates on network status.
In the meantime, SOL price may dump a bit, like most cryptos since Crypto market is bearish today. However, it might not affect too much the price since these multiple outages are already priced in as recurring issues.
Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.
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