Solana developers released version 1.17.31 of the mainnet beta update today in an effort to remedy the network’s recent congestion issues.
TakeAway Points:
- Solana developers today announced a mainnet beta update, version 1.17.31, aimed at addressing the network’s recent congestion problems.
- This version primarily addresses problems brought on by spam transactions, which have resulted in numerous transaction failures and drastically decreased processing times.
- The Solana Foundation acknowledges that increase in demand for Solana block space, as well as delays in implementing patches aimed at solving network-related concerns were some of the reasons that led to the earlier congestion.
This version primarily addresses problems brought on by spam transactions, which have resulted in numerous transaction failures and drastically decreased processing times. It is anticipated to stabilise problems associated with recent surges in open interest in addition to reducing network congestion.
Solana developer Anza encouraged validators to upgrade their nodes when the delinquent stake falls below 5%. Upgrading should be done during a window where monitoring is possible, and any issues encountered should be reported to the mb-validators channel on Discord, it added.
Validators who stop being active on the Solana network are viewed as delinquent. SOL staked by validators who are currently offline is represented by the overdue stake percentage. Thus, validators should upgrade their nodes only when the delinquent stake falls below 5%, according to the recommendations made by the Solana developers. In the course of upgrading, this guarantees network stability.
Solana Update for Easier Operations
The Solana Foundation attributed the congestion problems that the network had been experiencing for almost a week—which included a transaction failure rate of up to 75%—to a number of factors, such as high demand for Solana block space and a delay in implementing patches to address network-related issues. In the last day, Solana has experienced a 2.1% increase in trading and a 6.4% surge in its total value, locked at $3.8 billion. During the development of the update, Solana clarified that the problem was a bug and not a fundamental flaw in the network itself.
The Solana Foundation acknowledges that several factors contributed to the congestion. These included an increase in demand for Solana block space, as well as delays in implementing patches aimed at solving network-related concerns.
Solana Plans Multi-Phased Network Improvement
SOL has been trading in a very constrained range between $160 and $200 throughout the last month. Bulls will need to lift the price above the $200 resistance level in order for Solana to restart its upward price trend.
Notably, the mainnet beta version that was released on Monday is the first of several upcoming enhancements. It is anticipated that the future edition will feature even more improvements.
About
The blockchain platform Solana implements a proof-of-stake system to enable smart contract capabilities. The native coin is called SOL. Solana Labs, established in 2018 by Anatoly Yakovenko and Raj Gokal, released Solana in 2020.
After its first block was produced on March 16, 2020, Solana was initially made available to the general public in March 2020. Specifically, the Solana blockchain was built to facilitate decentralised applications and smart contracts. The Solana blockchain has had multiple failures due to large amounts of concurrent transactions.
The blockchain has experienced several major outages, was hacked, and the SEC filed a class action lawsuit claiming that Solana misled investors about the quantity of tokens it was selling and sold unregistered securities. The lawsuit was also filed against a cryptocurrency exchange, with the allegation that Solana ought to be regulated as a security.
