On Tuesday morning, the Solana Foundation published a statement on Twitter saying that its Solana blockchain network was experiencing “intermittent instability.”
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“Resource exhaustion in the network is causing a denial of service, engineers are working towards a resolution. Validators are preparing for a potential restart if necessary,” the organization said.
The CEO of Solana Labs, Anatoly Yakovenko, said that it was similar to a resource exhaustion that occurred a week ago, which he called a forwarder queue flood. Yakovenko added that two-thirds of the fixes had been tagged in the recent release, and the company “just needed a few days to soak them before release.”
Nonetheless, users on the platform flooded the company’s Twitter account with complaints about not being able to access the blockchain.
According to Solana scanning tools SolScan and Solana Beach, many of the recent transaction attempts on the blockchain network have failed, with the last successful transaction occurring three hours ago.
Phantom, a crypto wallet for DeFi and NFTs that relies on the Solana blockchain, said on Tuesday morning that it was also “having trouble connecting” to the blockchain network.
Solana bills itself as “the fastest blockchain in the world” and says it performs hundreds of live transactions per second, with the average cost per transaction amounting to only $0.00025. The company, which also claims it has the “fastest-growing ecosystem in crypto,” hosts more than 400 projects across NFTs, DeFi and Web3.
Recently, Solana saw its first sale of a million-dollar NFT, with the Blockchain advisory firm Moonrock Capital buying Degenerate Ape Academy NFTs for $1.1 million (5,980 SOL).
Solana’s SOL token is already the world’s sixth-largest cryptocurrency by market capitalization.