This incident has caused the transaction volume to be handled from 2000 transactions/s, sometimes down to only 500 transactions/s.
The cause of the crash is still unknown, but many theories have been put forward. Blockasset, project organization IDO on Raydium on December 9, declaring:
“We are told that the token allocation process is taking a long time. Network Solana is under DDoS attack and becomes overloaded, resulting in delays. Please understand, we will allocate tokens as soon as possible.”
Solana-focused infrastructure company GenesysGo also reported on the issue, stating that the validator network is having problems processing transaction requests, but urged the community to calm down because of the transactions. won't go away because this is blockchain.
The #Solana validator network is experiencing issues this morning. TPS issues as the network works to process txn requests.— GenesysGo.sol - Shadowy Super Coder KNIFE (@GenesysGo) December 9, 2021
Remember, this is blockchain 😊 If your txn ID went through then it's not lost, just pending. Growing pains is all! pic.twitter.com/2Zfagq092M
However, it appears that the network remained online throughout despite the attack.
Is Raydium's IDO the cause of Solana's attack?
Even so, many have expressed disappointment. A person posted an article on the page Reddit by Solana with the title “Why the IDO of Raydium keeps overloading Solana and is there a solution to this?”. This person continued:
“My biggest concern with Solana is performance during times of high demand such as IDO on Raydium and project rollout events. Nearly every problem in the last 6 months, including a 17-hour outage, has been caused by Raydium.”
That's right, this isn't the first time Solana has encountered this problem, because in September, the problem redditor mentioned above happened.
In early December, community members discovered and promptly patched a vulnerability that existed in Solana's public code for 6 months. This vulnerability can completely cost 2.6 billion USD TVL of projects on the Solana blockchain in jeopardy.
In response, one of the managers of the “Laine_sa” team did not explicitly confirm whether the Solana network problems were again related to Raydium, but noted that there were “prevented vulnerabilities” block” to keep the Solana network up and running since the September DDoS attack.
Currently, Solana developers have not yet responded to the incident.
SOL . price chart | Source: Tradingview