Solana has introduced a long-awaited update aimed at alleviating network congestion. Will this solve all the Solana network issues? Let's take a look at this in more detail.
Solana Released an Update
In a recent announcement on X, the Solana team unveiled the v1.17.31 release, now endorsed for widespread adoption by MainnetBeta validators.
Validators, which are responsible for confirming transactions and maintaining the security of the blockchain network, must consistently update their nodes to the latest releases to address any emerging network challenges.
This release incorporates improvements specifically designed to address the persistent congestion issues that users have raised on the Solana Network in recent times.
The network has faced congestion issues recently, particularly due to the meme coin frenzy that swept through the crypto industry. This surge in user activity created a significant increase in demand on the network.
Version 1.17.31 marks the initial release in a series of planned updates aimed at resolving the network congestion observed in recent months.
What's Changed in Solana's Upgrade v1.17.31?
Rex St John, the head of developer relations at Anza, shared details about this update in a message on X.
Anza, a Solana-focused development firm known for building tools like the Solana client Agave, is actively involved in Solana's ecosystem.
According to Rex, this rollout marks the initial wave of Solana mainnet congestion updates that users have eagerly awaited. Notably, he clarified that this release is not version 1.18, which will follow with additional enhancements.
In terms of specific changes introduced in this latest version:
- The update now distinguishes between staked and non-staked packets, providing visibility into their transmission rates and throttling.
- Minimal streams per 100ms for staked nodes have been adjusted to enhance network performance.
- Additionally, the update includes improvements to streamer Quality of Service (QOS), treating super low staked nodes as unstaked, among other refinements.
Solana has experienced congestion issues amid the memecoin frenzy, with transaction volumes soaring to $4 billion last month compared to the usual $500 million per day in 2023.
Mert Mumtaz, CEO of Helius Labs—a firm providing exclusive back-end support for the Solana network—recently stated that the network's current issues stem from an implementation bug rather than a design flaw.
Developers have fulfilled their promise with an update that is ready for rollout today, awaiting validation by network validators.
Will Solana Price Explode?
The recent congestion issues on the Solana network during the memecoin frenzy have highlighted challenges with scalability and performance. However, the upcoming update aimed at addressing these issues signals proactive development efforts by the Solana team. Mert Mumtaz, CEO of Helius Labs, emphasized that the network's issues are due to an implementation bug rather than a fundamental flaw, suggesting that Solana's underlying technology remains strong. This positive outlook could potentially boost market sentiment and attract more users and investors to the platform.
Whether SOL's price will rise in response to these developments depends on several factors. Positive sentiment surrounding the update and improvements in network performance could drive demand for SOL. Additionally, broader market trends and developments within the cryptocurrency ecosystem will influence SOL's price trajectory. While these efforts are promising, it's important to consider potential risks and market volatility inherent in the cryptocurrency space when assessing investment decisions.
