Solana has seen a sharp decline in network performance

Today, on February 25, the Solana team recorded a sharp decline in network performance. No solution has been found yet, and Solana Foundation validators and engineers continue to investigate the problem.

According to Solana Explorer data, at around 2:00 a.m. ET today, the network started processing only 93 transactions per second (TPS), which is significantly lower than the normal rate of 5,000 TPS. As a result of the sharp drop in bandwidth, Solana users were unable to make transactions and transfers as usual.

The head of Solana’s staking service, who goes by the pseudonym SolBlaze, told CoinDesk that the network continues to validate blocks, but validators are at risk of running out of memory until the root cause of the outage is determined.

On a Discord channel created to coordinate actions, Solana validators and engineers are discussing a number of options, including a potential network restart or a rollback to a previous version of the software. However, so far, the participants in the discussion have not been able to reach a consensus.

Earlier, the Solana project team announced the closure of Solana Spaces branded offline stores in New York and Miami due to their low popularity. The blockchain itself was created by Ukrainian Anatoliy Yakovenko together with his partners.