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    Solana Drops As Its Blockchain Suffers 2nd Outage In A Month

    Cryptory.net - SOL prices have dropped by nearly 14% as its blockchain network suffered a new outage in a month.

    According to data from Solana’s block explorers, the blockchain network hasn’t processed new blocks for 6 hours, causing all of its applications to shut down completely. A new announcement from Solana Status said: “Investigating – Block production on Solana Mainet Beta has halted. Validator operators should prepare to restart in mb-validators on Discord. (solana.com/discord)”

    As for the cause of this outage, Solana Labs co-founder Anatoly Yakovenko explained what happened in a tweet: “Durable nonce instruction caused part of the network to consider the block is invalid, no consensus could be formed.”

    According to Solana Status, Solana has suffered multiple outages in 2022 (namely 4 times on January 6 – January 12, January 21 – January 22, April 30 – May 1 and this time – June 1). At the time of writing, the price of SOL has dropped nearly 14% over the past 12 hours, according to CoinGecko. The network’s native token is now 85% down from its November 2021 all-time high of $260, and it will likely slip out of the top 10 by market cap.

    In recent years, Solana has gained traction in the NFT and DeFi ecosystems because it is cheaper and faster to use than Ethereum. Its blockchain processes 50,000 transactions per second, and the average cost per transaction is $0.000025, according to its website. Ethereum can only process about 13 transactions per second, and transaction fees are essentially more expensive than Solana.

    However, over the past year, Solana has suffered multiple outages. Just last month, Solana froze for about seven hours before it was brought back online via a validator restart.

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