Solana rallies 9% as developers launches update to tackle network congestion News ▸ Solana ▸ Technology
Solana rallies 9% as developers launches update to tackle network congestion
Solana developers said the update is the first in a series aimed at addressing the network's congestion issues.
1 min read
Updated: Apr. 15, 2024 at 12:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana developers have released a version 1.17.31 update to help the blockchain network battle the congestion issues it faced over the past month.
In an April 15 post on X, Solana’s Status said:
“The v1.17.31 release is now recommended for general use by MainnetBeta validators. This release contains enhancements which will help alleviate the ongoing congestion on the Solana Network.”
Notably, this development marks the initial step in a series of upgrades to alleviate the network’s congestion woes.
Lately, Solana has experienced a surge in transaction failures. Analysts attribute these problems to the blockchain’s growing popularity and intense network activity, which is driven by automated bots seeking arbitrage opportunities.
The update
Anza, a Solana-focused devshop, said the update “contains enhancements which will help alleviate some of the ongoing network congestion and will be followed by further enhancements in v1.18.”
The firm added that validators should upgrade to the latest patch only when there is less than a 5% delinquent stake on the network.
An image shared by Rex St John, the head of developer relations at Anza, showed that version 1.17.31 introduces several network enhancements, including improved visibility into staked versus non-staked packets, refined treatment of super low staked nodes in streamer QOS, and enhanced minimal streams per 100 ms for staked nodes.
SOL rises 10%
Following news of the upgrade, Solana’s native SOL token rebounded from its previous rut to print a 10% gain during the early trading hours.
Data from CryptoSlate shows that the digital asset rose to as high as $156 before slightly correcting to $152 as of press time. This marks a stunning reversal for a digital asset whose price had tanked to around $120 during the weekend amid a broader market decline.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.