Solana

Solana (SOL) is all set to bag more gains after dealing with the transaction congestion issue. Its developers have rolled out a new software update (version 1.17.31) to deal with the matter of course. The update is aimed at reducing the ongoing network congestion issues recorded by the blockchain. However, <a href="https://news.todayq.com/solana-takes-next-step-in-fixing-errors-sol-set-to-pump/" rel="noopener noreferrer nofollow">SOL price</a> has jumped by around 10% in the last 24 hours. Solana gets a new update 
The latest comes in response to a surge in user activity which led to transactional volumes peaking at $4 billion in March. If we compare the states of the average daily figures in 2023 then it stands under $500 million in 2023. Primarily the surge was driven by the <a href="https://news.todayq.com/solana-vs-ethereum-a-crypto-meme-war/" rel="noopener noreferrer nofollow">meme coin frenzy</a>.
As reported earlier, the congestion issues resulted in a spike in failed transactions. Certain smart contracts flagged transactions as bad requests. This issue came in despite being successfully submitted to the Solana network.&nbsp;
To address these challenges for better working, the latest update looks for good transactions first from validators with stakes. This move enhanced the quality of service and prevented lower-quality validators from maliciously flooding the network.
Rex St John, head of developer relations at Anza, highlighted that version is the first in a series of planned updates. There are other steps that need to be taken to alleviate network congestion. Validators who are responsible for confirming transactions and securing the blockchain network are encouraged to upgrade their nodes. SOL price surge 
Solana price dropped by more than 16% in the last 7 days, while, it declined by 10% over the last 30 days. However, SOL price jumped by more than 9% in the last 24 hours. It is trading at an average price of $153.96, at the press time. Solana was trading above the $200 price level just a few weeks back.
Austin Federa, strategy lead at Solana Foundation, mentioned the challenges faced by the network in maintaining optimal user experience. He stated that despite operating at approx 700 transactions per second, there is a need for several improvements to the core protocol.
During his discussion at Paris Blockchain Week, Federa elaborated on the foundation’s commitment to enhancing Solana’s performance, stating, “The goal of the Solana project is to build the world’s fastest network that is open, permissionless, and decentralized. While the network’s consensus layer operates as designed, there is unanimous agreement on the need to refine the user experience.”

Solana soars 10% after major software upgrade

Todayq News

Alte articole publicate pe 15 apr. 2024

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