Solana's Five-Hour Outage Raises Doubts About Reliability and Decentralization

Solana, a blockchain network often referred to as an "Ethereum killer," suffered a five-hour outage on Tuesday due to a cluster halt that required a system restart, raising doubts about its reliability and decentralization. The incident caused Solana's native token, SOL, to drop in value and transactions on the network to come to a halt. This has led to questions about whether Solana has the technical foundation to outpace Ethereum and achieve the decentralized infrastructure that has made Bitcoin and Ethereum the industry's leading blockchains. The founder of Solana, Anatoly Yakovenko, expressed concern about the impact on the startup ecosystem and the level of exposure for teams. Additionally, the downfall of prominent investor and advocate for Solana, Sam Bankman-Fried, in November 2022 had a significant impact on the blockchain's value, causing investors to hesitate in supporting it.