Solana is a high-performance blockchain platform that has been struggling with the congestion problem earlier due to the increased traffic and mania for memecoins. These problems have contributed to the rise in the rate of failed transactions and slow network performance. To overcome these challenges, Solana has provided a set of updates with the help of which it has released Solana version 1.17.31 and now progressing to version 1.18.15. These updates will enhance the network efficiency and minimize the congestion which will be beneficial to the user and the validators.
The first attempt to address the problem of network load in Solana was the publication of the mainnet beta update v1.17.31. This update was intended to address the congestion issue on the network due to the high traffic and bot usage in memecoin trading. Key enhancements in this update included better handling of transactions and prioritizing those from "good" validators (those with a sizeable stake) to improve the overall quality of service and prevent malicious activity. Despite these improvements, the network continued to face significant challenges.
Building on the previous updates, Solana announced the release of mainnet v1.18.15. This new version has brought some additional improvements and changes intended to optimize the network and the processing of transactions. The key enhancements include the addition of authority certificates to the Docker image, fixing bugs, and enhancement of the scheduler for better transaction handling. Validators have been encouraged to adopt this new stable release which aims to handle increased demand more effectively.
The v1.17.31 update was the initial step in addressing the network congestion issues. It introduced measures to prioritize transactions from validators with a higher stake, thereby improving the quality of service and reducing malicious transaction flooding. However, v1.18.15 builds on these improvements with more robust features, such as enhanced transaction handling and better system stability. This newer version not only fixes bugs but also optimizes network performance to handle the rising demand more efficiently.
While v1.17.31 was a significant step forward, it had its limitations. It primarily focused on reducing congestion by prioritizing transactions from "good" validators. However, it did not fully address the broader issues of network efficiency and failed transactions caused by high bot activity. Additionally, it lacked certain optimizations that are now part of v1.18.15, such as enhanced scheduling and bug fixes that further streamline network operations.
The v1.18.15 upgrade offers several benefits over its predecessor. It includes comprehensive bug fixes and performance enhancements that significantly reduce transaction failures and improve network reliability. The addition of certificate authority certificates enhances security, while the optimized scheduler ensures better transaction processing. These improvements collectively contribute to a more robust and efficient network, capable of handling increased user activity without the congestion issues that plagued earlier versions.
The introduction of v1.18.15 is a positive step towards enhancing Solana's network performance. This upgrade is expected to boost investor confidence and potentially pave the way for Solana ETF approval. The improved network efficiency and security align well with regulatory expectations, making Solana a more attractive option for institutional investors. However, the approval of a Solana ETF also depends heavily on the outcome of the US presidential election, 2024.
If Donald Trump wins, the regulatory environment may become more favorable for Solana ETF. Trump has shown his approval for cryptocurrencies. On the other hand, if President Biden is re-elected, the approval of Solana ETF will be delayed because of market manipulation, liquidity, and centralization. Also due to the concerns raised by SEC Chair Gary Gensler.
Solana’s mainnet update to v1.18.15 shows a substantial increase in network availability and dependability. These improvements clarify many of the congestion problems and transaction failures encountered in the last months. Although the Solana ETF approval depends on general regulatory and political conditions, Solana stands well thanks to the technological changes introduced by this upgrade in the changing cryptocurrency environment. Both the investors and the users should therefore keenly follow these developments since they will determine the future growth and utilization of Solana.
Also read: Solana's Surgical Strike to Stop Sandwich Attacks
