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Solana Went Down
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Solana Went Down

Why Solana’s downtime shows that we are still early and heavily depend on reliable infrastructure

Fabian Klauder
Sep 17, 2021
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Solana Went Down
newsletter.defitimes.io

Hey DEFI TIMES community,

This week, Solana went down!

This came as a shock to the whole Solana community. But it wasn’t unexpected.

Twitter avatar for @KyleSamaniksam.sol @KyleSamani
@androolloyd 1) to be expected... it's called beta and is new 2) it failed gracefully 3) no catastrophic problems!

September 14th 2021

3 Likes

But what exactly happened?

Let’s take a look at the official statement of the Solana Foundation:

"Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue and caused the network to start forking. This forking led to excessive memory consumption, causing some nodes to go offline. Engineers across the ecosystem attempted to stabilize the network but were unsuccessful. The validator community elected to coordinate a restart of the network."

So, there were bots spamming the network with over 400,000 transactions per second, which caused the network to fork.

Shortly after 1:30 a.m. Eastern time (on Wednesday) the network went live again.

Looking back, it wasn’t a catastrophic event… but it highlights the need for reliable infrastructure!

Solana currently stores billions of dollars.

Source: Solana (https://defillama.com/chain/Solana)

All of this money is stored in Solana’s smart contracts. Therefore, the bug basically put all of this money at risk… billions of dollars!

Rest assured, the funds are safe. But it’s safe to say that Solana is built on untested technologies. And do you really want to store the majority of your wealth there?

We need reliable and decentralized infrastructure for this industry to thrive!

Sure, this bug ultimately made Solana more robust… but Solana still has a long way to regain trust from all the people involved!


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Curve on Arbitrum

Twitter avatar for @charlie_ethCharlie Watkins @charlie_eth
We've just launched on @arbitrum with a TriCrypto Pool (USDT/ETH/WBTC) and a 2Pool of USDT/USDC. CRV rewards will be proposed on a DAO vote on Wednesday.
arbitrum.curve.fi
Image

September 13th 2021

207 Retweets1,254 Likes

Curve launched on Arbitrum and will start a DAO vote to bring CRV rewards to its Arbitrum pools.

Celo Optics Bridge

Twitter avatar for @CeloOrgCelo 🔦 @CeloOrg
The future is multi-chain. #OpticsEra
Optics is HereThe future is multi-chain. Bitcoin and Ethereum started the party, and now the L1 landscape is blossoming, with chains like Polkadot, Solana, and Avalanche all bringing something new to the table…bit.ly

September 13th 2021

113 Retweets413 Likes

Celo Optics Bridge has been deployed - users will be able to bridge any ERC-20 between Ethereum, Celo, and Polygon.

Coinbase Wallet supports L2s

Twitter avatar for @sid_coelhoSid Coelho-Prabhu @sid_coelho
If you're L2-curious, @CoinbaseWallet now supports every major L2/sidechain natively, @arbitrum @optimismPBC @avalancheavax @FantomFDN @0xPolygon @xdaichain No manually adding custom networks
Image

September 12th 2021

53 Retweets387 Likes

Coinbase Wallet announced its support for L2s.

NFTX Marketplace launched

Twitter avatar for @NFTX_NFTX 🦧🕳 @NFTX_
Welcome,
NFTX.io 💅 blog.nftx.org/introducing-ou…Introducing Our Decentralized NFT MarketplaceToday we’re excited to launch our brand new NFTX Marketplace, the World’s most liquid decentralized NFT marketplace powered by the NFTX protocol.blog.nftx.org

September 15th 2021

178 Retweets846 Likes

NFTX, which is an NFT index fund project, launched an NFT marketplace!

Aave about to deploy on Avalanche

Twitter avatar for @AaveGrantsAave Grants DAO @AaveGrants
👻⚡️New proposal alert Aave Deployment on Avalanche by @luigidemeo @avalancheavax Next steps - Snapshot vote to signal YES/NO - Deployment of smart contracts in Avalanche C-Chain and activation of liquidity mining Join the conversation 👇
governance.aave.com/t/aave-deploym…Aave Deployment on AvalancheAvalanche: Signal for deployment Summary The Avalanche Foundation asks for signaling from the Aave community to accept a deployment of the Aave Protocol into Avalanche. Proposer The Avalanche Foundation is dedicated to supporting the Avalanche ecosystem and related technologies. The Foundation i…governance.aave.com

September 15th 2021

52 Retweets265 Likes

Aave created a governance proposal to deploy on Avalanche!


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DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.

Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.


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