The solana network says it is seeing ‘intermittent instability’ – but its sol token is holding steady | Currency News | Financial and Business News


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The solana blockchain crashed and some services were disrupted as a result on Tuesday, less than a week after its sol token hit record highs, according to an announcement on Twitter by the company.

“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,” Solana said on Twitter. The issue began around 07:00 ET.

The sol coin, which last week hit record highs in spite of a widespread sell-off in the cryptocurrency market, is the native token of the solana network. It was last up around 1.0% at $159.90 according to coinmarketcap.com. On September 9, it hit a record above $200.

This is a bump in the road for the network, as many investors have favored it over other altcoins. Last week, solana-backed products saw more inflows than bitcoin- and ethereum-backed investments, according to data from CoinShares. Sol has gained around 250% over the last month, making it the top-performing major cryptocurrency, beating ether, which is up 2.5% and former market darling dogecoin, which has fallen 30% in this time.

The network is one of the youngest blockchains in operation. Solana’s whitepaper was released in 2017, compared with the bitcoin whitepaper, which surfaced in 2008 and the ethereum whitepaper, which was published in 2013.





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