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On 1 October, Solana [SOL] introduced that it suffered one other occasion of community downtime. The announcement added to the tally of already current cases the place Solana reported community outages prior to now.
Solana isn’t new to reviews of community downtime. In response to the current announcement, the community outage affected its means to course of transactions. This incident pressured builders to restart the community.
The Solana community is experiencing an outage and never processing transactions. Builders throughout the ecosystem are engaged on diagnosing the problem and to restart the community. Extra info might be supplied because it turns into obtainable.
— Solana Standing (@SolanaStatus) October 1, 2022
Solana’s earlier community downtime incidents dented its fame, making it much less enticing to buyers and potential customers. Nonetheless, the community has been working in direction of rebuilding its fame however the newest incident added extra salt to a previous harm.
In response to Solana’s follow-up replace, validators managed to efficiently restart the mainnet beta community. Though Solana managed to revive operations, the largest problem that the community confronted was how these downtime episodes affected its means to draw customers.
The potential impression
Some dapps and crypto tasks in search of a bunch blockchain may not prioritize Solana as one in every of their high choices as a result of downtime. This implies such incidents can have an effect on a community’s potential long-term progress and prospects. As well as, community downtime incidents have traditionally had a detrimental impression on SOL’s worth motion.
SOL delivered a bearish efficiency after earlier reviews of community downtime. It dropped by barely over 8% since 1 September when the most recent community outage was introduced. It traded at $32.37 at press time after making an attempt a slight restoration.
Supply: TradingView
SOL’s newest worth motion because the begin of October aligned with a bearish efficiency within the total crypto market. In different phrases, the just lately reported Solana outage might not have had a significant impression on its worth. The identical can’t be stated about investor sentiment.
SOL’s weighted sentiment registered a pointy drop within the final three days and this final result may be tied to the community downtime.
Supply: Santiment
Regardless of the bearish shift in weighted sentiment, SOL’s demand within the derivatives market achieved some restoration. Each the Binance and FTX funding charges recovered barely within the final two days. This confirmed that the incident didn’t set off important promote strain.
Supply: Santiment
The place to subsequent for Solana?
The most recent incidents solely added to the tally of Solana community downtime incidents. This may occasionally definitely have an effect on its means to draw natural progress however buyers ought to observe that the mainnet nonetheless stood in beta.
An alternate view might be that these incidents additional spotlight potential points that may be prevented additional down the road. These points may additionally assist the community to be higher ready via enhancements that strengthen the community.
