Solana Developers Issue Urgent Update to Tackle Network Congestion Challenges
Solana developers have taken swift action to address the ongoing congestion issues plaguing the blockchain network. Anza, a leading infrastructure developer, has rolled out an urgent update, version 1.18.11, aimed at alleviating the congestion on the Solana devnet. This update comes in response to the elevated transaction failure rates experienced by Solana in recent weeks, exacerbated by bots exploiting meme coin activity.
The deployment of this congestion fix has prompted testnet validators to promptly upgrade their systems to assess the effectiveness of the solution. Several Solana-based protocols had to delay their launches due to the network congestion, causing disruptions in the ecosystem. However, there are signs of improvement, with Phantom, a prominent wallet provider on Solana, reporting a significant increase in transaction success rates.
Despite these positive developments, Solana’s price experienced a 12% decline in the past day, dropping below $140 for the first time in a month. This price movement is part of a broader market downturn that led to over $860 million in crypto liquidations across major assets, including Bitcoin. Market traders are closely monitoring Solana’s performance, with some warning that the current downtrend could see the price drop to as low as $120 if the congestion fix does not yield the desired results.
Jacob Creech, the head of developer relations at the Solana Foundation, expressed confidence in the network’s ability to overcome the congestion challenges, highlighting the collaborative efforts of various stakeholders in addressing the issue. As Solana navigates through this period of uncertainty, the developer community remains focused on enhancing user experience and ensuring the network’s resilience in the face of challenges.
As the situation continues to evolve, market participants are advised to stay informed and exercise caution when making decisions based on the latest developments in the Solana ecosystem. The success of the congestion fix will be a key factor in determining the future price trajectory of Solana, with potential implications for traders and investors alike.
