Solana Went Down

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

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Hey DEFI TIMES community,

This week, Solana went down!

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

ksam.sol @KyleSamani

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

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

Charlie 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

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

Celo Optics Bridge

Celo 🔦 @CeloOrg

The future is multi-chain. #OpticsEra

bit.lyOptics 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…

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

Coinbase Wallet supports L2s

Sid 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

Coinbase Wallet announced its support for L2s.

NFTX Marketplace launched

NFTX 🦧🕳 @NFTX_

Welcome, NFTX.io 💅 blog.nftx.org/introducing-ou…

blog.nftx.orgIntroducing 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.

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

Aave about to deploy on Avalanche

Aave 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…

governance.aave.comAave 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…

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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