Solana Down (Day 514)

The biggest news of the day (to the Solana community anyways) is Solana was down for a few hours today. The full restoration was announced just an hour ago, over 12 hours since the incident.

See these articles for detailed reports:
Forbes
Decrypt

The reported cause was due to the project Grape IDO (Initial DEX Offering) on Raydium that brought on bots hitting the network in excess of 400,000 tps (transactions per second).

Here's the official Twitter status report

And about an hour ago, the latest status from the official Twitter account is:

The Solana validator community successfully completed a restart of Mainnet Beta after an upgrade to 1.6.25. Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored.

A few friends reached out and asked if they should be concerned. And the ones who think Solana will go to zero got really excited, thinking their prediction was about to come true.

But don't forget Solana is only at the "mainnet beta" stage--the official release is yet to come. Bugs are expected at beta. This incident is more related to the scalability of the Solana network. It is kind of like a stress test to the network, and it is quite amazing how many transactions it can support already, especially comparing to Ethereum.