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What the Solana Blackout Reveals About the Fragility of Crypto

Even the hottest blockchains can go down. Investors say it’s a sign the space is far from grown up.

Decentralized Finance Illustrations As Senators Eye Cryptocurrency Taxes
Photographer: Gabby Jones/Bloomberg

Its market cap blew past $62 billion earlier this month. Its price grew some 6,000% in a year. Superfans touted it as a better alternative to Bitcoin and Ethereum.

And yet for 17 excruciating hours this Tuesday, the ability to buy and sell the SOL crypto token was disrupted. The Solana blockchain it runs on — billed as the world’s fastest — had hit the fritz.