Popular cryptocurrency Solana (CRYPTO: SOL) is seeing downtime Wednesday. Here are the current details.
What Happened: The Solana block production on the mainnet beta has halted, according to the Solana Status website. The outage tracker says that “validator operators should prepare for a restart.”
“On-chain time continues to run behind that of wall clocks, due to longer-than-normal block times,” the website says.
Solana said there is no impact on the performance of network operations but block explorers and dApps will not reflect “wall-clock time.”
As reported by The Block, Solana has not processed new blocks for over five hours.
Coinbase Global (NASDAQ:COIN) listed a status update on its platform for the Solana shutdown.
“We’ve identified the cause of the issue and we’re fixing it right now. We’ll post additional updates as soon as possible,” Coinbase said.
Related Link: How To Buy Solana
Why It’s Important: Solana has faced several outages, which have led to criticism of the cryptocurrency and blockchain versus others.
The cryptocurrency has labeled itself as a high-performance blockchain and has seen an increase in uses. Solana has seen several outages due to congestion, including a seven-hour freeze in May.
Interest in Solana based non-fungible tokens has increased, with the cryptocurrency seeing its 24-hour sales volume passing Ethereum (CRYPTO: ETH) based NFTs for the first time recently.
Price Action: Solana is down 8.8% to $41.58 over the last 24 hours. The crypto has fallen 14.8% over the last seven days.
