The Solana network suffered a seven-hour outage overnight between Saturday and Sunday due to a large number of transactions from the nonfungible token (NFT) minting bots.
A record-breaking four million transactions, or 100 gigabits of data per second, congested the network causing validators to be knocked out of consensus resulting in Solana going dark at roughly 8:00 pm UTC on Saturday.
It wasn’t until seven hours later on Sunday, 3:00 am UTC that validators were able to successfully restart the main network.
The bots hoarded a popular application used by Solana NFT projects to launch collections called Candy Machine. In a Twitter post by Metaplex, the company confirmed that traffic from bots on their app was partially to blame for the network crash.
Metaplex shared that it would be implementing a 0.01 Solana (SOL), or $0.89 at the time of writing, charge on wallets that attempt to complete an invalid transaction which the firm said “is typically done by bots that are blindly trying to mint.”
The outage caused the price of SOL, the blockchain’s native coin, to crash by nearly 7% to $84, although trading since has seen prices recover to just over $89.
The most recent outage marks the seventh time this year that Solana has suffered outages, according to its own status reporting. Between January 6-12, 2022, the network was plagued with issues causing partial outages for between 8 and 18 hours.
Solana said “high compute transactions” caused a reduction in network capacity to “several thousand” transactions per second (TPS), much lower than the advertised 50,000 TPS.
Later in January, over 29 hours of downtime was recorded between the 21st and 22nd of the month, with excessive duplicate transactions again causing network congestion and outages on the blockchain.
In September 2021, Solana was hit with a major outage with the network offline for over 17 hours. Solana attributed that outage to a distributed denial-of-service (DDoS) attack on an initial decentralized exchange (DEX) offering with bots spamming the network with 400,000 per second. Industry observers commented on what has been often touted as an “Ethereum killer.”
Solana was the second network to strain under notable transaction volume related to NFTs over the weekend. The Ethereum transaction cost surged to an average of over $450 due to a release of 55,000 NFTs by Yuga Labs with some users paying up to 5 Ether (ETH), or $14000, in gas fees for transactions and much more to mint one of the NFTs.
- Solana network activity has increased consistently with the rise of NFT popularity.
- NFT minting and heavy bot activity on the Solana blockchain resulted in an outage on the Ethereum-killer’s blockchain.
- Cryptocurrencies like Ethereum and Solana have crumbled under rising NFT activity and selling pressure.
Altcoins in the crypto ecosystem are being hit by a bloodbath amidst fears of Fed interest rate hikes. However, activity in NFTs has increased on blockchains like Ethereum and Solana. Massive activity on the blockchain has negatively impacted Solana and Ethereum price.
NFTs put Solana and Ethereum price under stress
The Solana blockchain recently recovered from a seven-hour outage resulting from the significant rush of bots minting NFTs on the SOL blockchain. NFT minting programs on blockchains like Ethereum and Solana have increased the transaction activity, resulting in congestion.
The main net fell out of consensus on the Solana network and crashed, and validator nodes collapsed under the volume of transactions involved in NFT minting for Candy Machine. On the Ethereum network, rising activity and congestion result in higher gas fees which made the blockchain network less lucrative for investors and traders.
Proponents argue that nobody would use the SOL network if Solana doesn’t have consistent uptime. The unique proposition of SOL is its consistent uptime, high transaction speed and low cost.
Analysts have criticized the lack of activity on the Solana network when NFT minting stops. This is considered a sign of bearish sentiment among users and the lack of utility of SOL.
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