The developers of Solana, a Layer 1 blockchain, released a software update on Monday (15th) to address its network congestion issue. Solana’s dedicated account for releasing network status updates, “Solana Status,” announced the launch of this upgraded version. Rex St. John, the Developer Relations Lead for Anza, stated on the X platform that version 1.17.31 is the first in a series of updates planned in recent months to address the network congestion issue. Version 1.18 is currently being tested online to identify any vulnerabilities and other issues.
In recent months, Solana’s on-chain activities have experienced a significant increase due to the meme coin frenzy, leading to a substantial surge in network demand and subsequently causing congestion. The typical daily trading volume in 2023 was less than $500 million, but in March of this year, it reached as high as $4 billion.
Solana developer @0xMert_ previously explained on the X platform that the extensive use of bots resulted in a sharp increase in “failed” transactions on the network. In this context, “failed” transactions refer to smart contracts marking certain transactions as “invalid requests,” even if these transactions have been successfully submitted to the Solana network.
Overall, the final version will prioritize transactions from “reputable” validators, i.e., validators with a significant staking amount. The transactions will ultimately be confirmed by the leading nodes. This mechanism allows validators with higher staking amounts to receive higher-quality service and prevents low-quality validators from maliciously flooding the network with transactions.
Related article: “Solana Team Actively Developing Solutions to Address Massive Transaction Losses Due to Network Congestion”
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