In a bid to tackle the rising congestion issues on the Solana network, a new update has been released on the mainnet beta. Since the problems with congestion and failed transactions started, there have been over 75% of failed or delayed transactions in the network.
Solana rolls out v1.17.31 to fix congestion problems, what changed?
In a significant development, Solana has released the v1.17.31 mainnet update to address the issues of congestion on the network. According to a post by Solana Status on X, the new release is recommended for general use by mainnet beta validators. Per the report, the new release contains improvements that will help to reduce the present congestion on the Solana network. Therefore, to stop more network congestion on Solana, the validators must update with the release.
Meanwhile, a post on Github highlights the changes that have been made on the network. According to the release, this is what has changed;
- v1.17: Show staked vs non staked packets sent down/throttled
- v1.17: quic: use smallvec to aggregate chunks, save 1 alloc per packet
- v1.17: BankingStage Forwarding Filter
- tighten the minimal streams per 100ms for staked node
- v1.17: Treat super low staked as unstaked in streamer QOS
- v1.17: default staked client in LocalCluster
Commenting on the latest update, Anatoly Yakovenko, the co-founder of Solana mentioned that it takes around 30 patches for a major release to be completed. Additionally, the v1.18.11 release of the Solana-focused devshop Anza was recently released on devnet. The Solana chain’s persistent congestion problems will be resolved with the update. Anza stated that the main causes of network congestion are a QUIC implementation and the Agave validator client’s actions. Following this, a subsequent release of v1.18 will be rolled out to continue improvements on the network as regards congestion.
Solana (SOL) price reaction
Following this development, the price of Solana (SOL) has been seen to react positively. According to data from CoinMarketCap, the price of SOL has surged by 6.92% in the last 24 hours reaching a price of $154.53. What is more, its market cap has also increased similarly to $69 billion. However, the trading volume of Solana over the last day has dropped by 36.2%.
In hindsight, SOL has dropped 15% in the last seven days and a notable 20% over the last month. Meanwhile, the open interest in Solana futures has increased by over 6% over the past four hours and 3% in just one. This indicates significant purchases by derivatives traders. The total open interest in SOL futures across exchanges increased to $2.14 billion, according to Coinglass statistics.
