Solana Toward Mainnet Upgrade, A Lift For Network Efficiency

What to Expect from Solana's Mainnet Upgrade Amid US Election 2024

Solana is a leading blockchain platform gearing up for a significant mainnet upgrade to version 1.18.15. This move comes as traders speculate on the potential for SOL's price to surge towards $250.

What's The News

The Solana team has announced the readiness of the v1.18.15 mainnet upgrade. This upgrade is primarily designed to alleviate congestion problems that have plagued the network, especially with the recent surge in memecoin activities on the Solana blockchain. 

According to an official post by Solana Status on 10th June validators are encouraged to adopt this new stable release. The update includes several enhancements, such as the addition of certificate authority certificates to the Docker image, bug fixes, and metrics improvements. Additionally, it optimizes the scheduler for worker precompile verification and adjusts logging for shallow threshold checks during the consensus mechanism.

Solana Set for Mainnet Launch Upgrade

The Solana v1.18.15 upgrade is a critical step for the network. Validators are instructed to upgrade when delinquent stakes are below 5% and to report any issues. This upgrade aims to ensure smoother network operations and to handle the increased demand effectively. 

This update is designed to address major congestion problems on the network due to the influx of Solana-based memecoins. Key improvements in this release include adding authority certificates to the docker image, bug fixes, and enhancements to the scheduler for better transaction handling.

Impact of Solana Mainnet Upgrade on Solana ETF Approval

The Solana v1. 18. 15 mainnet upgrades may help to improve network activity and solve the problem of congestion, which may lead to increased investor trust in Solana’s technology. Therefore, the upgrade is a positive technical move but regulatory and political factors would be more decisive in the approval of Solana ETF.

Recently, the approval of Spot Ether ETF brings high expectations for the Approval of Solana ETF. However, the approval of a Solana ETF depends on other regulatory aspects and the results of the US presidential election 2024 that might define the further development of cryptocurrency regulation and the approval of the Solana ETF.

Former President Donald Trump, who is campaigning for re-election has voiced support for cryptocurrencies and is termed as the ‘crypto president’. If Trump wins Solana ETF approval might be easier to come by.

On the other side, if President Biden is re-elected the cautious approach towards cryptocurrency regulation by SEC Chair Gary Gensler will be continued. This could result in further delays in the approval of Solana ETF due to concerns about market manipulation, liquidity, and centralization.

What CoinGabbar Has Concluded?

The Solana v1.18.15 mainnet upgrade is a decisive step to increase the network’s performance as the demand continues to rise, which can lead to an SOL price pump. However, other market factors such as the U.S. presidential elections also contribute to the future of Solana ETF approval. The future of cryptocurrencies in the US greatly depends on the result of the presidential election of 2024. These developments should be eyed closely by investors as they will greatly influence the future progress and usage of Solana and others

Also Read: Trump VS Biden And The Future Of Domestic Bitcoin Mining