- Solana is riding the bullish wave, up 10%.
- Congestion continues despite efforts to optimize the network.
- Solana rolled out version 1.17.31, targeting network congestion.
The crypto markets have once again rebounded, as Bitcoin climbs to $65,000, pushing major altcoins up. One of those benefiting is Solana, which branded itself as a high-performance blockchain, registering a 10% increase in one day.
Solana was up despite facing ongoing network congestion issues, likely due to the rising popularity of meme coins. Issues persist even after the rollout of a major network update, aimed at addressing on-chain congestion.
On Friday, April 19, Solana’s price experienced a notable surge, increasing by 10% to $144.75. While SOL was riding the wave of the bull market, network issues linger. Despite the recent rollout of a major network fix, high transaction failure rates continue to plague the network. On Friday, 71% of non-voting transactions still resulted in failures.
Network issues started arising over the past weeks, primarily due to a noticeable uptick in transactions, especially from meme coins transactions and heightened activity. Since then, transaction failure rates have hovered around 60%-70%.
To address these issues, Solana developers have rolled out a major update aimed at mitigating these problems. A key update, version 1.17.31, was introduced as part of a series of enhancements designed to improve network performance by resolving specific bottlenecks related to transaction processing.
However, the updates have not yet led to a noticeable improvement in network congestion and transaction failure rates.
Why Updates Are Still Not Fixing Solana’s Congestion
The ongoing congestion issues on the Solana network have not been fully resolved by the recent updates due to several factors that complicate the situation.
For one, the effectiveness of the updates relies significantly on the widespread adoption by network validators. Although version 1.17.31 has been rolled out, it requires validators to actively choose to implement these changes.
Moreover, the update is an incremental improvement to one aspect of the network, rather than a comprehensive fix. It primarily focuses on refining the handling of staked versus non-staked packets, prioritizing transactions from more heavily invested network participants. However, this solution primarily benefits those transactions, potentially leaving less staked or non-staked transactions still vulnerable to delays.
Moreover, despite improvements, bot traffic remains a significant drain on the network. Bots often generate a high volume of transactions that can overwhelm the system, leading to congestion. This problem is exacerbated during peak times of network activity.
On the Flipside
- While the updates aim to manage congestion, the effectiveness of these solutions against bot-generated traffic remains uncertain.
- There’s an ongoing question about whether the updates can truly keep pace with the rapid growth of the network. As Solana gains popularity, especially in areas like DeFi and NFTs, the strain on the network will continue to grow.
Why This Matters
Solana’s ability to effectively manage and resolve these issues is crucial for maintaining and boosting investor confidence. The performance of the network directly impacts the perceived reliability and future potential of Solana as an investment.
Read more about Solana’s congestion fix:
Will Solana Update Fix Congestion? Here’s What It Relies On
Read more about Worldcoin’s blockchain:
Worldcoin Unveils World Chain: Here’s How It Will Work
