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It’s DeFi season and things got a little too hot for Solana and Arbitrum One as transaction volumes skyrocketed

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  • The Solana The blockchain network was down for hours after seeing 400,000 transactions per second.
  • The system has since been restarted, but it will be some time before applications and other Solana-based systems resume functionality.
  • An increase in transactions caused Ethereum’s backing Referee one sequencer from the network to disconnect for 45 minutes.
  • Meanwhile, pirates were trying to violate the Ethereum blockchain – albeit unsuccessfully.

Decentralized Finance (DeFi) projects are working strong – a little too difficult for some to manage, like Solana and Ethereum Arbitrator A.

It's DeFi season and things got a little too hot for Solana and Arbitrum One as transaction volumes skyrocketed
DeFi season in full swing with total number of users reaching historic highsDuneAnalytics / BI India

Both of these blockchain networks have been somewhat absent from the stock for the past 24 hours, apparently due to an increase in transaction volumes. Simply put, there were too many people on the network for them to handle. it doesn’t help that
DeFi projects are now the primary target for hackers around the world in the crypto space.

And, while Solana and Arbitrum One dealt with technical issues, the Ethereum blockchain defended itself from attack.


Things got a little too hot for Solana to handle

Solana, also dubbed the next ‘Ethereum killer’ by members of the crypto community, has seen transactions skyrocket to 400,000 per second. The surge, in turn, caused some nodes to disconnect for hours.

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At noon Indian Standard Time (IST) the mainnet was restarted – after developers had to
question Validators, the ones that verify transactions, need to be upgraded, but it may be some time before applications and other supporting systems reach full functionality again.

Solana’s price suffered a 15% first hit due to denial of service issues, and the price has yet to regain its former glory. However, the drop is eclipsed from the over 400% rise Solana experienced in August.

Arbitrum One expects more downtime in the future


Arbitrum One, an ecosystem built on the Ethereum blockchain that boasts of low transaction fees, was down for nearly an hour after its sequencer was taken offline. “The funds were never at risk, but the submission of new transactions stopped during the downtime,” Offchain Labs, the company behind Arbitum One, in a
declaration recognize the failure.

As with Solana, the company noted that the root cause of the downtime was a bug that stuck the sequencer when it received a very large burst of transactions over a short period of time. “The problem has been identified and a fix has been deployed,” the company said.

To be fair, Arbitrum One is less than a month old and still in testing. It only opened to the public on August 31 after raising
$ 120 million in its Series B funding round. That’s why the developers behind the ecosystem have warned that the September 15 blackout could be the first in a long series.

As we noted in our launch announcement, we want to warn users that more outages are possible in these early days.

Arbitrum One Developer Statement

According to Offchain Labs, the sequencer behind the going offline doesn’t mean the blockchain wasn’t up and running, although it was a bit problematic. “Arbitrum users have the ability to bypass the sequencer and submit their transactions directly to Ethereum for deferred inclusion in the Arbitrum chain, and this ability was fully preserved at today’s event.” It said.

Ethereum remains the knight in shining armor

The attempted breach of the Ethereum blockchain affected only a small number of nodes, according to developer Marius van der Wijden, who reported the incident. All affected nodes have since been fixed.

It's DeFi season and things got a little too hot for Solana and Arbitrum One as transaction volumes skyrocketed
DeFi-related fraud nearly tripled in H1 2021 compared to 2020 as a wholeCipherTrace

DeFi applications have increased during the pandemic – the most notable of which was the $ 610 million stolen from the Poly Network last month by “Mr. White Hat”.

SEE ALSO:
CBDC – The Struggle to Keep Fiat Currencies Relevant in the Age of Digital Cryptocurrencies

The top 10 companies with the most Bitcoin in the world – Microstrategy, Tesla and others

Bitcoin’s ‘mix’ gains reputation for money laundering as another service admits illegal activity

Sources

1/ https://Google.com/

2/ https://www.businessinsider.in/investment/news/solana-arbitrum-ethereum-networks-down-due-to-surge-in-transaction-volume/articleshow/86230919.cms

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