Solana Announces Network Update To Fix Congestion Issues Worsened By SOL Meme Coin Mania

The Solana blockchain has announced an update seeking to address congestion issues on the network caused by surging meme coin activity.

Its development team said in a post on X that the v1.17.31 recommended update will contain “enhancements” that will improve the performance of the network.

The v1.17.31 release is now recommended for general use by MainnetBeta validators. This release contains enhancements which will help alleviate the ongoing congestion on the Solana Network.

— Solana Status (@SolanaStatus) April 15, 2024

This update was rolled out by Anza, a SOL-focused software development firm. The head of Anza, Rex St John, said the v1.17.31 is not an instant fix to the network congestion. Rather, it was the first step to more planned updates.

This contains the first round of @solana mainnet congestion updates which everyone has been waiting for from @anza_xyz. There are additional updates coming.

It is important to note this is NOT v1.18, which will have further improvements. https://t.co/gx7ZG6R5GI pic.twitter.com/tkm9DqgxDZ

— Rex St. John (man/let) (@rexstjohn) April 15, 2024

Anza has deployed the v1.17.31 version on the Solana Testnet. More than half of Solana network validators are already running this version of the validator client, according to Solana Beach.

Solana Network Congestion Issues

The Solana blockchain started experiencing network congestion issues after increased meme coin activity.

In March, volumes on the Solana blockchain surpassed $3 billion according to DeFiLlama. However, this growth has not been without issues, with the network recording a high number of failed transactions.

According to Solana developer, Mert Helius, the failed transactions were caused by bots and bad requests.

The SOL price has dropped by 11% in the last 24 hours to trade at $136 at 04:30 EST.

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