- The Solana network sees a decrease in the number of disruptions, partly thanks to priority tariffs.
- The price of SOL has fluctuated, with recent gains, but has seen a significant decline over the past year.
The archenemy of the Solana network, outages, seemed to have eased recently, bringing some relief. Messari reported that this improvement can be attributed, at least in part, to the introduction of priority fees.
How was the network uptime status in the last 90 days and what is the current status of SOL?
Priority surcharges help Solana stay afloat
The Solana blockchain experienced a large number of failures over time, all of which left their mark. In September 2021, the network fell victim to a disruptive denial-of-service attack orchestrated by bots spamming Raydium, causing significant outage. Then, in May 2022, the network was again hit by an invasion of bots, resulting in seven hours of downtime.
In addition, in June 2022, an outage occurred due to a consensus error caused by a bug. Then, on February 25, 2023, performance degradation issues occurred, disrupting transactions. To address this, validators opted for a network reboot to restore normality.
During the first two quarters of 2022, the network faced challenges from spam activity related to Gulfstream, Solana’s alternative to the traditional meme pool for pending transactions.
However, the introduction of priority fees played a critical role in alleviating these problems by increasing the cost of spamming the network, according to a recent Messari report. This major change reduced Solana’s downtime, which was previously caused by inefficient transaction processing. At the end of the first quarter, it was found that more than 50% of daily fees were paid by users who chose to prioritize their transactions.
Solana’s uptime status and active wallets in the last 90 days
A closer look at Solana’s uptime status over the past 90 days, as reported by the Solana status scannerit became clear that the network had been remarkably stable since the last outage.
At the time of writing, key components such as the cluster, RPC nodes, explorer, and Solana.com were all fully operational and had maintained this state for the entire 90-day period.
While the network managed to stay active, there has been a noticeable decrease in the number of active wallets connected to Solana. At the time of writing, the counter stood at approximately 325,550 active wallets, indicating a decline. However, May witnessed the highest number of active wallets in the past three months.
Source: Solana Explorer
The SOL price development
On the weekend, Solana [SOL] experienced positive value development, as shown by the daily time chart. The weekend ended with a value increase of almost 10%. SOL closed trading at $20.8 on May 28, witnessing a 1.82% price gain. However, at the time of writing, there was a slight drop in price and it was trading around $20.69.
Source: TradingView
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Examining CoinMarketCap’s data, SOL had experienced a significant drop in value over the past year, losing more than 50%. Several factors, including network outages and other market dynamics, have played a role in contributing to this declining price trend. Looking ahead, the possibility of an uptrend may depend on the network’s ability to maintain stability.
