Solana releases an update to finish with network saturation

Solana has released an update for putting closure on network clogging due to spam bots and memecoin trading.

The builders at Solana suggest that they incorporate a required network update to combat the clogging impacting the protocol. 

Mainnet Beta authenticators are being suggested to use the v1.17.31 release for normal usage. This rollout will include improvements that will help lift the continuing clogging on the Solana Network.

These improvements involve five alterations on the authenticator stack nodes that operate and harness the Solana blockchain.

Solana is one of the initial winners in the present crypto-robust space, the token swinging 1,500% from $9.89 following the FTX fiasco. Traders made a beeline for the chain, attracted by its accelerated and cost-effective transactions.

Simultaneously, the leaders listed the advantages of possessing a monolith chain, able to upgrade at the lowest layer sans the requirement of Layer 2 networks. However, the present predicament related to clogging factors has come under the lens.

The update caused a 6% hike in SOL, propelling the token to $151. Solana’s token witnessed a downward swing of $17 in the previous week and 22% in the last month. In comparison, Bitcoin has decreased by 9% and 3%.

Version 1.17.31, which has been positioned as the forerunner to v1.18, is currently being tested on Solana’s testnet. Its release is slated for the middle of April and comes with a transaction scheduler, enabling authenticators to fill blocks effectively.

Solana experienced enormous traffic during Q1 of 2024, mainly due to memecoins and spam bots. On April 4th, 75% of transactions on Solana did not see the light of day because of bots seeking arbitrage options.

As per Austin Federa, the Head of Strategy at Solana Foundation, builders have been working hard to revive Solana’s networking stack to address unprecedented requirements.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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