The Solana network has been unstable for the past few hours, with users reporting difficulties in conducting transactions.
Solana mainnet-beta is currently unstable
The Solana mainnet-beta has been experiencing intermittent instability for the past two hours. This was reported by Solana Status, a Twitter account dedicated to providing updates on the Solana network.
Solana mainnet-beta is experiencing intermittent instability. This began approximately 45 minutes ago, and engineers are investigating the issue.
— Solana Status (@SolanaStatus) September 14, 2021
According to the tweet, engineers are currently looking into the problem to determine how they can fix it. The network is now down for more than two hours, with users reporting difficulties with their transactions.
The Block’s Larry Cermak pointed out that the network is now down for a while. He said, “Actually never mind, it’s been down for much longer. The timer on Solana Beach is actually just broken. Looks like down for almost 2 hours now.”
Solana users are experiencing difficulties
The network instability has caused several Solana users to report difficulties in carrying out transactions on the blockchain. A user reported that his funds had been stuck after attempting to transfer money from ETH to SOL.
Cermak attributed the instability to an upcoming IDO on the Solana network. The high demand for the IDO could have caused the outage.
The reason I see floating around is that there was a highly anticipated IDO scheduled at 12pm UTC and too much demand caused an outage. Not sure about the technical details though
— Larry Cermak (@lawmaster) September 14, 2021
SOL is up by 4% over the past 24 hours despite the ongoing challenges with the Solana network. It is currently the seventh-largest cryptocurrency by market cap.