Another "ETH Killer" bites the dust...
Hello HODLers,
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.
What happened?
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 !
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Wow I didn't know that, well, I know about some people (even some colleagues) was buying at those prices, and I'm not talking Solana is a lost way by this reason, of course not, but what I felt was so much pressure in price, especially by the hype in NFT's, that's was crazy. As you I hope they could solve that as soon as possible.
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I think they will fix it rapidly but then I would look at the centralization of the network. The positive is that the $SOL price did not really dumped.
HODLers have strong hands
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It seems that way, even so personally I would not enter at those prices right now, it is always good to wait for the bubble to deflate.
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🙌🏻 Thanks for These insights. Now I understand the reason for the recent price drop but I am sure they are working on it to fix this problem. What do you think?
They are working to fix it. They will manage to reboot the network. On the underlying issue I do not know if they have to rethink how the solana chain works yet 😉
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I can relate to this Blockchain downtime issue...
I am not sure about these damn bots seding transactions, but Solana had experienced a lot of normal human transanctions for sure which may have also contributed to this clog and memory off issue.
Polkadot experienced something very similar...testnet somewhere... they had memory issues and storage issues... they also started the Blockchain by upgrading to current version.
And Ethereum???
Ethereum has had several such Blockchain downtime issues... once unexpectedly the Blockchain forked because some sets of nodes were using some old version of software and another set of nodes are using another newer version of software and some fork happened.
There were issues raised of centralisation, because many nodes run using Amazon Cloud stuff... AWS something, that's centralised when it would have been better if everyone does Ethreum transactions in their own nodes.
I don't think this Solana outrage is something unique, but the bots worry me, id it ok to have bots do transactions on blockchain ...why they do it? ...
but who knows I hear people don't trade humanly person to person, they program bots to do it these great crypto whales. AI detect sell and buy signals and off bots do the selling and buying...its feasable that you know congest the network.
And about dapps on Solana, I am happy with Serum Dex. I also checked out FTX exchange, boy its lovely better than Binance and good fees...and for staking ftx get SRM tokens too...plus that ftx exchange is a ramp to transfer assets to Serum dex.
I got interested in Solana only recently and I think its better than Ethreum in some ways...because face it fees are important so is convience, Ethereum is messy.
But I love Ethereum anyway...its the old king of Blockchains that introduced smart contracts and a leader in that and these Blockchains are catching up...
Solana, have to explore... I only tried Serum dex and that sollet.io wallet... not checked their staking and stuff... honestly I invested in Solana damn late but still lots of price appreciation man, I think I invested in it when it was 39$ and got surprised on such a mega price rise.
It's fasinating these Blockchain stories you know...and to a big extent its all about investor behaviour, emotions not fundamentals fully and its also about those whales man...
very important. FUD, hype all glamout man, its not too awful, its like a unreal life of a movie star who has many lovers but has not found true love...
And you know I feel a bit down when I sell my cryptos and book profits...guess attracted to project so I say its about profits and I am damn keen on buying back promising cryptos at dips thesedays... don't know I make sense...can't be attacted to a crypto or project and keep a impassionate traders mindset.
That being said I love Ethereum Bloockchain a lot, despite its decremental features you know, high fees... Polkadot is what I am ancipating, Acala mostly...let's see what happens.
Great comment and I do think Solana along with Cosmos are the 2 block chains truly competing with ETH in my opinion.
They bring innovation, a lot of developers and some sort of decentralization !
Let’s see how this plays out 🙌😉🙌
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It's not that easy to kill Ethereum. Solana can replicate Hive after the WLEO hack, but the pain of late investors is their own fault falling for too much hype.
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Indeed, when you buy at the top it is your fault. But solana does seem like the most serious competitor with Cosmos imho
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It's one of the reasons why I like HIVE. The developers worked on scalability before pushing for other things. So a similar attack could very well be possible on HIVE but I don't think it will hurt us as much.
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Indeed, Hive is « build the product first ». Exactly the opposite of 90% of other crypto projects.
Also Hive is not overvalued !
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But Ethereum and BTC are doing well today
They are because they are the best hehe 😉
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That's it
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