First I would like to share the pain of investors and users that invested in Solana $SOL over the past few days. The drop is not significant so I believe most users are still doing okay from a financial perspective.
As I read what happened, I can't help to think it was hidden in plain sight. I am going to start saying that I know little about how the Solana Chain works.
According to the Solana Status account on Twitter, Solana’s downtime has been attributed to a flood of transactions sent from bots, with as many as 400,000 transactions per second. That apparently caused the network to begin forking into different paths, which overwhelmed the memory of some nodes and caused them to shut down.
Well, there are a few things that worry me in the news articles I read on the subject and even form Solana's twitter account.
Following are some questions I have as a blockchain newbie, please I do not intend to FUD on Solana these are honest questions that also apply to other blockchains that have experiences issues (Thorchain or Cardano for example):
- How was the possibility of having a massive amount of Bots not taken into account for an almost feeless transaction network?
- How could nodes and the network go down (instead of just having a huge backlog of txs to process and higher fees?)
- Is it normal that you can just reboot a blockchain?
Solana $SOL Price Chart
Is it already too late for the Ethereum Killer?
I can relate very well as I used to believe in EOSIO $EOS as the next big thing and despite the blockchain being in good shape I realized after trying to get involve into the different DeFi / Gaming EOS dapps that the issue was bigger than just EOS.
This is also why I truly admire Ethereum. Even if gas fees make it that most of the time it is too expensive for the average user to transact on it; this is where the innovation is happening.
This is where the brightest minds are, this is where the dapps are and this is where the next big thing is going to be.
Smart contracts, Dapps, DeFi, NFT, BlockchainGaming, etc... Innovation is happening on the Ethereum network before being copied by competitors.
Light at the end of the tunnel
It seems the Solana team rebooted the system and it should be live in the following hours.
Good news for all the Solana NFT or DeFi Degens out there ;)
That is all for today. Stay safe out there !
PS: This is @belemo's birthday so Happy birthday to you !