A recent announcement from Upbit, a prominent cryptocurrency exchange, has sent shockwaves through the crypto community, especially amid reports of Solana facing a network outage. Meanwhile, the temporary suspension of deposits and withdrawals for SOL, GMT, RAY, and ACS tokens, attributed to issues on the Solana network, has disrupted trading activities.
In addition, this unexpected development has raised concerns among investors and traders alike, prompting a closer examination of the situation.
Upbit Halts Trading Amid Solana Network Outage
In a press release, Upbit revealed its decision to temporarily suspend deposits and withdrawals for SOL, GMT, RAY, and ACS tokens due to ongoing block generation interruptions on the Solana network. This move aims to ensure stable deposit and withdrawal services for users amidst the network’s performance degradation.
In addition, Upbit announced the suspension of SOL staking services until normal network operations are restored. While maintenance is underway to rectify the situation, the crypto exchange has assured users of timely updates regarding the resumption of services.
Meanwhile, Laine, a software and blockchain firm operating as a leading validator on Solana, also shed light on the network’s performance degradation. According to Laine’s statement on the X platform, Solana’s Mainnet-Beta is experiencing halted block progression, prompting core engineers and validators to initiate investigations into the matter.
This acknowledgment underscores the severity of the situation and the collaborative efforts underway to identify and address the root cause of the disruption.
Source: Laine (@laine_sa_), X
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Impact On Price
The Solana price slipped over 4% following the outage news and traded at $93.32 during writing. Simultaneously, the GMT price also lost around 4% to $0.2392.
Meanwhile, the SOL price has touched a high of $98.54 and a low of $93.65 over the last 24 hours, reflecting the volatile nature of the crypto market. Notably, the temporary suspension of deposits and withdrawals for SOL, GMT, RAY, and ACS tokens on Upbit, coupled with insights from Laine regarding Solana’s mainnet outage, highlights the vulnerability of decentralized networks to technical challenges.
As stakeholders await further updates and resolutions, users must exercise caution and stay informed amidst the evolving landscape of cryptocurrency trading. Upbit’s proactive measures and the collaborative efforts of validators underscore the resilience of the crypto community in addressing unforeseen disruptions and safeguarding investor interests.
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