Solana Soars 8% with Deployment of Key Network Congestion Solutions on Mainnet
The price of Solana (SOL) has witnessed a significant rise, justifiably so, as the blockchain introduces a new patch update aimed at resolving its recent congestion issues. This development has ignited enthusiasm among the community and investors alike.
Solana Releases Mainnet Update to Address Congestion Woes
Developers at Solana have rolled out a new software update designed to tackle the persistent congestion problems plaguing the popular network.
A post on the Solana Status Update account, Monday X, announced the release of the new version update v1.17.31, now recommended for use by mainnet validators.
The announcement advised, “It is now recommended for general use by mainnet Beta validators to adopt version v1.17.31.” “This version includes enhancements that will help alleviate ongoing congestion on the Solana network.”
Validator clients, specialized software crucial for achieving consensus on Proof of Stake networks like Solana, enable validators to verify transactions before adding new blocks to the blockchain.
This update notably includes packet enhancement improvements, modifications to classify certain nodes based on their stake, and updates to the default settings in the system’s local test environments.
Rex St. John from the Solana validator client team, Anza, commented on the urgency and significance of the v1.17.31 update: “This includes the first round of Solana mainnet congestion updates, eagerly anticipated by everyone at Anza. More updates are soon to follow. It’s worth noting that this is not v1.18, which will include further improvements.”
Solana co-founder Anatoly Yakovenko remarked that typically about 30 patch versions are needed to develop and finalize a major software release.
In recent years, Solana has suffered significant congestion, severely affecting transaction processing speeds and increasing transaction drop rates. The unique architecture of the Solana chain (which processes transactions directly without the need for a memory pool) has not ameliorated this situation.
The meme coin craze on Solana has further exacerbated congestion issues. The immense success of SOL-based meme coins has, at times, helped Solana surpass Ethereum in key transaction metrics. However, they have also triggered significant performance issues on Solana, with transaction failure rates as high as 76%.
Solana Price Rally
Solana bulls have responded positively to the deployment of the Solana congestion repair program on the mainnet. The SOL price surged 9.2% over the past 24 hours, reaching a midday high of $155.90. Consequently, Solana-based meme coins, including Dogwifhat and Bonk, have also soared during the same period.
As earlier reported by Zy Cryptocurrency, the broader cryptocurrency market has revived alongside the rise in Bitcoin’s price, with the top 20 crypto assets by market cap (excluding stablecoins) all seeing gains over the past day.
According to CoinGecko, Solana is currently valued at $140.80. Addressing the current congestion issues could potentially spur growth for the fifth largest token in the long term.
