In the past 24 hours, Ethereum’s emerging rival Solana (SOL) has lost 15% of its value after suffering a denial-of-service attack.
At 2:38 pm on Tuesday, the Twitter account Solana Status announced that Solana’s beta mainnet had witnessed intermittent instability for 45 minutes.
Six hours after announcing the incident, Solana Status explained that a sharp increase in transaction load, reaching 400,000 per second, had overloaded the network, creating a denial-of-service and causing the blockchain to be forked.
“The Solana Mainnet Beta has seen an increase in transaction load up to 400,000 TPS. These transactions flooded the processing queue, and the lack of prioritization of critical messages prompted the network to trigger a fork. “
1 / Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.
– Solana Status (@SolanaStatus) September 14, 2021
While Solana’s engineers were unable to stabilize the network, the community of validators decided to coordinate a restart of the network. At 08:00 on Wednesday, Solana Status tweeted that the Mainnet Beta has been updated to version 1.6.25 and restarted by the validator community.
The incident affected confidence in Solana, with the price dropping 15% in 12 hours. While SOL had already tracked a correction from Thursday’s all-time high of $ 215 to $ 175 prior to the event, news of the blackout saw prices plummet quickly to $ 145.
Solana wasn’t the only high-profile crypto network to have problems on Tuesday. Arbitrum One, Ethereum’s layer-two network rollup, reported that its sequencer went offline for about 45 minutes.
Although Arbitrum One pointed out that users’ funds “were never at risk,” during this time it was not possible to make new transactions. Offchain Labs, the team behind Arbitrum One, highlighted that the network is still in beta, warning that “new blackouts are possible at this early stage.”
“What’s happening today? SOL goes offline for hours, Arbitrum down for almost an hour and Ethereum is attacked (unsuccessfully). “
– Lark Davis (@TheCryptoLark) September 15, 2021
The team attributes the inactivity to a “sequencer blocking bug” after a huge batch of transactions sent to the Arbitrum sequencer over a short period of time.
As if that were not enough, on the same day an unknown entity tried to attack Ethereum without success. Developer Marius van der Wijden reported the failed attempt on Twitter.
According to the developer, only a small number of Nethermind nodes were tricked into switching to the compromised chain, while all other clients “rejected the long sidechain as invalid.” Afterwards, all the nodes involved were reorganized to the correct blockchain.