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Fear & Greed:
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Bitcoin:
$ 64.243
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

Solana Update Aims to Tackle Network Congestion After Meme Coin Frenzy

Solana, Sol, Andre Cronje

Solana, a popular blockchain platform, has rolled out a new software update (v1.17.31) to address network congestion issues that plagued the network in recent months. This update is “now recommended” for general use by validators, the entities responsible for securing the network.

Surge in User Activity Caused Network Strain

The congestion stemmed from a surge in user activity driven by a meme coin trading frenzy. Transaction volumes soared to as high as $4 billion in March, a significant increase from the usual daily figures below $500 million in 2023. This spike in activity, coupled with an influx of bots, led to a rise in “failed” transactions, even though they were submitted successfully.

Prioritizing Transactions for Network Stability

The new update aims to alleviate congestion by prioritizing transactions from “good” validators, those with a larger stake (ownership) in the network. This prioritization ensures that high-quality validators receive better service, preventing malicious actors from flooding the network with low-quality transactions.

Continuous Improvement Through Updates

Version 1.17.31 is the first in a series of planned updates to address network congestion. Additionally, version 1.18 is currently undergoing testing on a separate network to identify and fix potential issues before deployment on the mainnet.

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