Skip to content

Solana Update Goes Live to Address Network Congestion Issues

Solana has been striving to position itself as a viable alternative to Ethereum, the dominant player in the smart contracts space. However, congestion issues have threatened to impede its progress.

Table of Contents

Blockchain network Solana has implemented Mainnet update v1.17.31 – a much-anticipated update designed to tackle network congestion problems.

This move comes after the network experienced a period of slow transaction speeds, leading to frustration among users and a decline in Solana's price.

Solana Struggles With Congestion, Leading to Slow Transactions, Price Dips
This congestion is being attributed to the blockchain’s surge in popularity, particularly with meme coins and DeFi applications

The update, which went live recently, aims to improve scalability and network stability. Among the changelog are points like:

  • Show staked vs. nonstaked packets sent down/throttled
  • Quic: use smallvec to aggregate chunks, save 1 alloc per packet
  • BankingStage Forwarding Filter
  • Treat super low staked as unstaked in streamer QOS
  • Tighten the minimal streams per 100ms for staked node

While S0lana has been known for its faster transaction processing and lower fees compared to Ethereum, prior to the update, the blockchain had been grappling with criticism regarding its security and centralization. While the network boasts impressive transaction speeds and lower costs, some experts have raised concerns about its potential vulnerabilities.

The update's successful implementation could solidify Solana's position as a major contender in the blockchain landscape. However, it remains to be seen whether this update will be enough to completely eliminate congestion issues and fully address security concerns.

Price continues falling

But even the network upgrade was not enough to stem the decline in the SOL token price, which currently stands at $133.26, or down some 9.91% overnight. Its losses have reached almost 30% in the past month.

However, SOL's falling price isn't all to do with the Solana network itself – its price has moved in tandem with the broader crypto market and risk assets generally, which experienced a sell-off following heightened geopolitical tensions in the Middle East over the weekend.

Is World War III Enough to Shake Bitcoin?
Bitcoin sunk to as low as $62K after Iran launched 300 drones at Israel... But war is good for business right?