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Highlights
- Solana announces the v1.17.31 release for the Solana network mainnet update.
- The update contains enhancements to help alleviate the ongoing congestion on the Solana Network.
- SOL price and ecosystem tokens jumps on update announcement.
Solana has rolled out an update on mainnet beta to fix the ongoing congestion issues on the network. Solana ecosystem tokens prices and sentiment dropped after the recent congestion issues on the network causing 75% of transactions to delay or fail.
Solana Releases Mainnet Update for Congestion Issues
In an April 15 post on X, Solana Status revealed the v1.17.31 release for the Solana network mainnet update. Mainnet Beta validators are required to update with the release to prevent further congestion issues on the Solana network.
The release is stable and suitable for use on Mainnet Beta. This release contains “enhancements which will help alleviate the ongoing congestion on the Solana Network.”
Solana co-founder Anatoly Yakovenko said “The gestation period for a major release is around 30 patch releases,” commenting on the latest release.
The major changes in the update are:
- Show staked vs nonstaked packets sent down/throttled
- quic: use smallvec to aggregate chunks, save 1 alloc per packet
- BankingStage Forwarding Filter
- tighten the minimal streams per 100ms for staked node
- Treat super low staked as unstaked in streamer QOS
- default staked client in LocalCluster
Solana-focused devshop Anza, also 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.
Anza said the latest mainnet update will be followed by v1.18 for further enhancements on the network regarding congestion issues.
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SOL Price and Ecosystem Tokens’s Prices Recover
SOL price increased by 15% from the 24-hour low of $133.79 to a high of $156 amid latest updates. Solana has recovered nearly 35% from $116 during the crypto market crash last week.
Solana trading volume is still down, indicating possible buying from whales and big investors.
In addition, Solana futures open interest has also jumped more than 6% in the last 4 hours and over 3% in 1 hour, indicating massive buying by derivatives traders. As per Coinglass data, the total SOL futures open interests across exchanges rose to $2.14 billion.
Moreover, on-chain platform Lookonchain reported that whales withdrew nearly $3 million worth of Solana from Binance to buy Solana meme coins MEW and SLERF as the broader crypto market shows signs of recovery.
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