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- The Solana network has restarted after experiencing a long slowdown over the weekend.
- The original SOL has fallen 14% in the past week.
The developers and validators of the Solana blockchain have decided to restart the network after a prolonged slowdown over the weekend that pushed the value of its native SOL token off a cliff and halted almost all transactions. The move was a last resort after several failed attempts to downgrade the underlying software.
Kompas Solana posted on Twitter that:” (networking) is currently restarting after an issue during the upgrade from 1.13 to 1.14 which slowed block finalization. Once the validator with 80% stake is restarted, the network will continue.According to Solana Explorer data, the transaction speed of the blockchain dropped from 5,000 TPS to 93 TPS, and was almost completely shut down during the restart period.
According to the developers, the exact cause of the technical glitch, which occurred in the early hours of Saturday morning, is still unknown. However, some have attributed it to a bug in the network’s latest software update. The incident led to a forking event where the blockchain generated conflicting versions of its transaction history.
The Solana network challenges run deep
The technical issue is one of the countless network outages and slowdowns Solana has experienced since the mainnet beta launched in 2020, something the platform’s founder, Anatoly Yakovenko, once called the ‘curse’ to the network. As the network was developed for high transaction speeds and lower fuel costs, Solana’s technical issues have reduced the value of its original SOL token.
According to data from CoinMarketCap, SOL has slipped 14% on the weekly chart and 0.68% in recent days to trade at $22.7 – a stark contrast to its peak of $258 during the 2021 crypto boom.
   
Amid the slowdown caused by this weekend’s outage, Solana fans applaud the network’s decentralization in dealing with the issue. One developer, Chorus One, said on Twitter that the incident: “shows how truly decentralized the network is. Without all this arguing, we’d be back in an hour. But, every decision along the way is moot. Voting took place. We ended up needing 8-10 hours to recover instead of 1.”
Also optimistic about Solana is crypto exchange Coinbase, which released a report last week saying that Solana’s fundamentals remain intact despite the ongoing challenges. The company also added that the dApps platform performed better than its Ethereum predecessor.
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