Solana is the worst performer for the week after the recent network restart as the SOL token stood out among the top 10 coins by market cap and the worst in the top 100 as well so let’s read more in our latest altcoin news today.
The weak performance came after what was a rough week for Solana with a complete network outage and a network restart after that. The SOL token was ranked 7th by market cap and got down by 13% over the past day, trading at a price of $140. for the past week, the coin dropped by 26% and the most among the 100 coins by market cap according to CoinGeckos data. The drop over the past week coincided with the major network outage that Solana experienced on Tuesday after the huge increase in transaction load which flooded the transaction processing line.
After the outage, Solana stakeholders moved to perform a restart of the network which was supposed to restore full functionality in a few hours. Almost a day later, the foundation said that a few mitigations were deployed on the network by engineers to increase the network resiliency at times of extreme transaction load and added that the post morterm report will be published in the upcoming weeks as the bug fixes are deployed. With the network up and running, SOL’s price continued to suffer and now Solana is the worst performer for the week with tokens like ETH and ADA outperforming it over the past week.
ETH was up 2.4% for the past week while ADA was down by 4.7% over the same period of time. Commenting on the network outage and the restart, some community members took the opportunity to question the decentralization of the network given how one stakeholder described that validators decided to stop the nodes and wait for more instructions:
“So a group of basically randos who became validators can meet in private and bring the whole thing to a screeching halt?,” one Reddit user asked, while another countered that it’s still “early days and new tech. It’s awesome that the requestors were able to test the environment to this level of stress.”
In the meantime, the Solana Status Twitter account announced that the DNS provider of explorer.solana.com and other domains are experiencing an outage but this doesn’t impact the blockchain as they said. Solana and SOL have seen rapid growth this year with SOL rising more than 5374% per year. The platform saw major growth in total value locked in DEFI rpoejcts with a rise of $1.22 billion on August 1st.
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