Solana

World

Coin

<p>The Solana blockchain has announced an update seeking to address congestion issues on the network caused by surging meme coin activity.</p> 
<p>Its development team said in a post on X that the v1.17.31 recommended update will contain “enhancements” that will improve the performance of the network.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">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.</p> 
 <p>— Solana Status (@SolanaStatus) <a href="https://twitter.com/SolanaStatus/status/1779727821834686592?ref_src=twsrc%5Etfw">April 15, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>This update was rolled out by Anza, a SOL-focused software development firm. The head of Anza, Rex St John, said the v1.17.31 is not an instant fix to the network congestion. Rather, it was the first step to more planned updates.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">This contains the first round of <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw">@solana</a> mainnet congestion updates which everyone has been waiting for from <a href="https://twitter.com/anza_xyz?ref_src=twsrc%5Etfw">@anza_xyz</a>. There are additional updates coming. </p> 
 <p>It is important to note this is NOT v1.18, which will have further improvements. <a href="https://t.co/gx7ZG6R5GI">https://t.co/gx7ZG6R5GI</a> <a href="https://t.co/tkm9DqgxDZ">pic.twitter.com/tkm9DqgxDZ</a></p> 
 <p>— Rex St. John (man/let) (@rexstjohn) <a href="https://twitter.com/rexstjohn/status/1779730912269500836?ref_src=twsrc%5Etfw">April 15, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Anza has deployed the v1.17.31 version on the Solana Testnet. More than half of Solana network validators are already running this version of the validator client, according to <a href="https://solanabeach.io/validators" target="_blank" rel="noopener">Solana Beach</a>.</p> 
<h2 id="solana-network-congestion-issues">Solana Network Congestion Issues</h2> 
<p>The Solana blockchain started experiencing network <a href="https://insidebitcoins.com/news/solana-struggles-amid-meme-coin-mania-as-record-75-of-transactions-fail" target="_blank" rel="noopener">congestion issues</a> after increased meme coin activity.</p> 
<p>In March, volumes on the Solana blockchain surpassed $3 billion according to <a href="https://defillama.com/" target="_blank" rel="noopener">DeFiLlama</a>. However, this growth has not been without issues, with the network recording a high number of failed transactions.</p> 
<p><a href="https://twitter.com/0xMert_/status/1771700602629730795" target="_blank" rel="noopener">According</a> to Solana developer, Mert Helius, the failed transactions were caused by bots and bad requests.</p> 
<p>The SOL price has dropped by 11% in the last 24 hours to trade at $136 at 04:30 EST.</p> 
<h3 id="also-read">Also Read:</h3> 
<ul> 
 <li><a href="https://insidebitcoins.com/news/solana-price-prediction-sol-soars-7-and-this-solana-meme-coin-jumps-18-as-new-listing-looms">Solana Price Prediction: SOL Soars 7%, And This SOL Meme Coin Jumps 18% As New Listing Looms</a></li> 
 <li><a href="https://insidebitcoins.com/news/dogwifhat-price-prediction-wif-pumps-21-as-this-new-solana-meme-coin-competitor-gives-investors-one-last-chance-to-buy">Dogwifhat Price Prediction: WIF Pumps 21% As This New SOL Meme Coin Competitor Gives Investors One Last Chance To Buy</a></li> 
 <li><a href="https://insidebitcoins.com/news/cat-in-a-dogs-world-price-prediction-mew-goes-ballistic-with-a-108-surge-but-investors-pivot-to-this-multi-chain-doge-derivative-for-parabolic-gains">Cat In A Dogs World Price Prediction: MEW Goes Ballistic With A 108% Surge, But Investors Pivot To This Multi-Chain DOGE Derivative For Parabolic Gains</a></li> 
</ul>

Solana Announces Network Update To Fix Congestion Issues Worsened By SOL Meme Coin Mania

Table of Contents

Inside Bitcoins

Other articles published on Apr 16, 2024

Stability vs Volatility – USD Coin (USDC) Lends Support to Koala Coin (KLC) and Solana (SOL) Dyna...

What Is Token Sniping And How To Stop Token Sniping

Google and MIT Launch Free AI Course for Educators

CryptoQuant Reveals Two Key Metrics to Predict Ethena USDe’s Future

Tether prints $1 billion ‘unbacked’ USDT ‘out of thin air’

Grayscale Bitcoin Trust Faces Steep Outflows, Over $16 Billion Withdrawn Since ETF Conversion

Join our free newsletter for daily crypto updates!