Image default

Solana Spikes 8% As Crucial Network Congestion Fix Is Deployed On Mainnet

The price of Solana (SOL) has every reason to go on an explosive rally as the coin’s fans are thrilled following the launch of a new patch update to tackle the network’s recent congestion issues.

Solana Releases Mainnet Update For Congestion Woes

Solana developers have released a new software update in response to the escalating congestion issues plaguing the popular network.

According to a Monday X post from Solana’s status update account, a new version upgrade called v1.17.31 has been released and is “now recommended” for use by Mainnet validators.

“The v1.17.31 release is now recommended for general use by MainnetBeta validators,” the announcement said. “This release contains enhancements which will help alleviate the ongoing congestion on the Solana Network.”

A validator client is a specialized software used to reach a consensus on proof-of-stake networks like Solana. The software allows validators to verify transactions before adding new blocks to the blockchain.

The update particularly includes improvements in data packet enhancement, modifications to how some nodes are classified based on their stake, and updates to default settings in the system’s local testing environment.

Rex St. John from Solana’s validator client team Anza also remarked on the urgency and nature of the v1.17.31 release: “This contains the first round of Solana mainnet congestion updates, which everyone has been waiting for from Anza. Additional updates are coming. It is important to note this is NOT v1.18, which will have further improvements.”

Solana co-founder Anatoly Yakovenko noted that it usually takes roughly 30 patch releases to develop and finalize a major software version.

Solana has suffered tremendous congestion in recent years, dramatically affecting transaction processing speeds and increasing transaction drop rates. The Solana chain’s distinctive architecture, which processes transactions directly without a mempool, has not improved the situation.

The meme coin frenzy on Solana further exacerbated the congestion issues. The runaway success of SOL-based meme coins has helped Solana overtake Ethereum in critical trading metrics at some point. However, they have also spurred a major performance issue for Solana, with a transaction failure rate as high as 76%.

Solana Price Recovers

Solana Bulls reacted positively to the release of the Solana congestion fix on the mainnet. The SOL price rose 9.2% over the last 24 hours to hit an intraday high of $155.90. Consequently, Solana-based memecoins, including Dogwifhat and Bonk, surged during the same timeframe.

As reported earlier by ZyCrypto, the wider crypto market recovered alongside the price of Bitcoin, with all of the top 20 crypto assets, excluding stablecoins, by market cap up over the past day. 

According to CoinGecko, Solana is currently valued at $140.80. Resolving the prevailing congestion issues will likely bolster the growth of the fifth-largest token in the long term.

Related posts

Twitter New CEO Linda Yaccarino Follows Dogecoin and Shiba Inu | Coingape

Ondrej Simon

‪Stellar Prepares to Launch Protocol 20 This February; Here’s What to Expect Post-Launch

Ondrej Simon

$0.001 SHIB Price In View As Shiba Inu Sees Explosive Volume Amid Bitcoin’s Charge To $35,000

Ondrej Simon