Solana’s Network Slowed By Forking Event

The Solana network, a blockchain-based platform that powers decentralized applications, suffered a forking event on Saturday, causing a significant slowdown in transaction processing. The network, which had been processing around 5,000 transactions per second, dropped to just 93 TPS at 2:00 AM east coast time. The sudden drop in throughput made it difficult for users to conduct any on-chain activity, including trading and asset transfers.

 

Unclear Cause of Forking Event

The cause of the forking event was not immediately clear, according to two validator operators who spoke to CoinDesk. The Solana Foundation, Solana Labs, and validator operators are currently coordinating a response to the issue. SolBlaze, who runs a staking service, said that the network is still confirming blocks, but validators are at risk of running out of memory until the root cause of the forking is determined.

Validators and Solana engineers have been discussing potential solutions in a Discord channel set up to coordinate their efforts. Some options being considered include a network restart or a software downgrade. However, as of press time, they had not yet reached a consensus on the best course of action.

 

Surging Popularity Amid Ethereum Challenges

Solana, which has been gaining traction as a cheaper and faster alternative to Ethereum, has seen its popularity surge in recent months. The network’s native token, SOL, has risen in value by over 900% this year, and several high-profile projects, including Serum, Mango Markets, and Audius, have launched on the platform.

The forking event is a setback for Solana, which has been positioning itself as a viable alternative to Ethereum, which has also experienced scaling issues in recent months. However, it remains to be seen how much of an impact the slowdown will have on the network’s long-term prospects. Solana engineers and validator operators are working to resolve the issue and restore normal functionality to the platform.