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Highlights
- Solana-focused devshop Anza has released an update to fix the intermittent congestion issues.
- Solana testnet validators need to upgrade to start analyzing the effects of the proposed congestion fixes.
- SOL price momentum still dull amid lack of trading volumes from spot and derivative traders.
Solana network congestion resulted in a massive setback for Solana ecosystem projects and tokens. Solana-focused devshop Anza has released an update to fix the intermittent congestion issues and expects a sound recovery in the Solana ecosystem.
Solana-based meme coins such as dogwifhat (WIF), BOME, MEW and others tumbled as nearly 75% of transactions on the chain delayed or failed, which triggered a selloff across the market.
Solana’s Devshop Anza Release Update to Fix Congestions Issues
Anza, a Solana-focused devshop building the Solana client Agave, in a post on X revealed that it has deployed v1.18.11 release to devnet. The update will fix the recurrent congestion issues on Solana chain. Anza said primary concern regarding network congestion has been identified to stem from a QUIC implementation and the behavior of the Agave validator client.
The team has asked Solana testnet validators to upgrade with the latest release to start analyzing the effects of the proposed congestion fixes. The Agave upgrade is for testnet, not mainnet.
“The process is that the congestion patch gets tested a bit before going on mainnet, I’m told usually once it goes out on mainnet it takes like 2 days to reach supermajority of validators,” said an Anza developer.
Anza engineers, in collaboration with other core contributors, to undertake extensive efforts to diagnose and address bottlenecks while enhancing overall network performance.
Austin Federa, head of strategy at the Solana Foundation, pointed to the inadequacy of the software system to handle the current volume and technical debt within Solana’s architecture as the reasons behind recent congestion.
Also Read: Bitcoin Options Expiry — How Traders Are Pricing For Bitcoin Halving
Solana Price to Rebound?
Solana price has tumbled from $200 to $165 amid the congestion issues, causing people to switch to Ethereum and other networks.
SOL price is trading below $175 at the time of writing, down merely 0.5% in the past 24 hours. The 24-hour low and high are $170.39 and $176.24, respectively. Furthermore, the trading volume has decreased by 17% in the last 24 hours, indicating a decline in interest among traders.
Moreover, Solana futures OI is down 1% in the last 24 hours as per Coinglass data. This indicates a lack of trading volumes from futures traders amid crypto options expiry. SOL price can pullback further in the period of low trading volumes.
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