Solana has been one of the top 10 cryptocurrency. It is believed to be the eth killer as it was able to progress 65,000 transaction per second. Wehn you compare to eth which can only do 15 transaction per second, you can start to understand why solana has so much attention and its price from within a year can rise from a few dollar to its peak of $250 in 2021.
However, Solana was once again down for 4hours+ today. The issue came from a bug where "Durable nonce instruction caused part of the network to consider the block is invalid, no consensus could be formed.". You can refer to Yakovenko's tweet here:
https://twitter.com/aeyakovenko/status/1532076517739532288?s=20&t=xzT_ZraDBZj83LBo9FAdCQ
- aeyakovenko
What is even more worse is that validators are able to join together to disable the durable nonce feature. Cryptocurrency & blockchain thrive on the basis of decentralisation, and that means that no one can control the network. Yet Solana is not the first time that have the network down, making all the projects on solana stall with no progress. Solana was able to gather most of the validators to control back the network, making the decentralisation idea meaningless. I believe many people would have already heard of the biggest crypto hack where over $600mil of crypto was hacked on ronin, where the key factor is that the hacker was able to control over half of the validators which ronin at that time only had 9 and 4 belongs to the mavis which the hackers hacked into. So that is the danger where there is control over a crypto network or blockchain where cryptocurrency always to be proud of.
As a result of this 4hours of down time, solana price has crashed more than 10% from $46 to less than $40.
What is more scary is that solana network was down again just 1-2days ago on 30 Apr where bots are making 6,000,000 transaction per seconds on the launch of a new NFT project on solana.
So, the most overwhelming strength that Solana used to claim about its super low fee and handling huge transaction ticket per sec can actually became its flaw as low fee attracted bots to spam countless transactions.
Do you still believe in solana given the network had 2 break down just within 2-3 days??
