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Solana Network Update to Combat Clogging
Solana has recently unveiled a pivotal update aimed at resolving network congestion issues caused by spam bots and memecoin trading activities. The developers behind Solana have proposed a mandatory network upgrade to mitigate the ongoing clogs that are affecting the protocol.
Solana’s Mainnet Beta Upgrade
It is recommended that Mainnet Beta authenticators utilize the v1.17.31 release for their regular operations. This latest software rollout will introduce various enhancements designed to alleviate the persistent network congestion on the Solana Network.
Enhancements to Solana’s Authenticator Stack
The proposed improvements encompass five key modifications to the authenticator stack nodes responsible for managing and leveraging the Solana blockchain. Solana has emerged as a standout performer in the competitive cryptocurrency landscape, with its token surging by 1,500% following the FTX incident.
Traders were drawn to the platform’s swift and cost-effective transaction capabilities. However, concerns have been raised about the ongoing congestion issues plaguing the network.
Advantages of a Monolithic Chain
Solana’s leadership team has emphasized the benefits of having a unified chain that can be upgraded at the base layer without relying on Layer 2 networks. Despite these advantages, the current congestion challenges have garnered significant attention.
The network update triggered a 6% uptick in SOL’s value, pushing the token to $151. However, Solana experienced a $17 decline in the previous week and a 22% drop over the last month. In comparison, Bitcoin witnessed a 9% and 3% decrease during the same periods.
Upcoming Release and Testnet Trials
The upcoming release of Version 1.17.31, positioned as a precursor to v1.18, is currently undergoing testing on Solana’s testnet. Scheduled for a mid-April launch, this version introduces a transaction scheduler that enables authenticators to optimize block filling processes.
During the first quarter of 2024, Solana encountered a surge in network traffic attributed to memecoins and spam bots. On April 4th, a staggering 75% of transactions on Solana failed to get confirmed due to bots engaging in arbitrage activities.
Austin Federa, the Head of Strategy at Solana Foundation, highlighted the diligent efforts of the development team in enhancing Solana’s networking stack to cater to unprecedented demands.
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