Solana, a rapidly growing blockchain network, encountered significant disruptions early Tuesday morning. Engineers promptly initiated efforts, commencing work before 6 a.m. ET to deploy a patch necessary for restarting the halted chain.
However, it wasn’t until around 10:00 a.m. that validators, collectively controlling 80% of staked $SOL, had updated to a new version of Solana’s source code, thus restoring network functionality.
This isn’t the first time Solana has experienced downtime. Since 2021, it has witnessed at least one major crash annually, severely impacting block production. Some reports even tally up to 11 disruptions over the past two years, including minor incidents. While the mainnet network is often described as running in “beta,” typically indicating nearly completed software undergoing testing by a select group of users before an official launch, the phrase now appears increasingly inadequate.
Despite this, Solana remains a fully operational blockchain with a sizable and dedicated user base. It ranks as the fifth-largest “DeFi chain” by total value locked, with approximately $1.7 billion committed to various on-chain apps. SOL, its native token, holds the position of the fifth-largest cryptocurrency, boasting a market capitalization of nearly $42 billion. The platform is renowned for its vibrant developer community and innovative approach to blockchain architecture, employing a custom-built “proof-of-history” algorithm for speedy transaction processing.
While there are ongoing debates regarding Solana’s readiness and the need for further development time, initiatives to increase adoption persist. The Solana Foundation, a non-profit organization, spearheads various projects, including opening a store in New York City and developing custom-made smartphones. Additionally, several semi-viral apps, like STEPN, have garnered attention, backed by influencers and celebrities such as Sam Bankman-Fried.
However, there’s a discrepancy in portraying Solana as a work-in-progress while actively pursuing global onboarding. The term “beta” is notably absent from discussions surrounding Solana Mobile’s Saga phone, indicating a departure from experimental tech rhetoric. Questions about ordering quantity dominate the FAQ section, offering little insight into Solana’s exit from the “beta” phase.
Given Solana’s live mainnet status, with no mandatory feedback submissions or bug-finding requirements for users, the term “beta” seems obsolete. Comparable blockchain networks like Ethereum, Zcash, and Cardano have seamlessly upgraded their core algorithms without necessitating service disruptions or a return to beta status.
In conclusion, it’s time to retire the “beta” label, often invoked only in moments of failure. This is not to suggest that Solana won’t overcome its challenges eventually, but accountability for mistakes is crucial.
