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Update v1.17.31 from Solana: Solution to transaction problems?
Latest Solana news: Update to resolve transaction issues disappoints. Learn more about the impact and solutions on Solana. #SolanaNews #Blockchain #Cryptomarket
Update v1.17.31 from Solana: Solution to transaction problems?
Solana, a blockchain known for its speed, efficiency and innovation, recently struggled with transaction issues due to high demand and a large number of spam transactions. This resulted in transactions being aborted 75% of the time, tarnishing Solana's image as a potential Ethereum killer. To address this issue, Solana released update v1.17.31, specifically designed to address congestion issues.
The update aims to address the congestion issue by addressing a bug in a single module. Although the new version is already installed on a majority of Solana nodes, reports from Dune show only a slight improvement in the situation. There was a temporary decrease in failed transactions between April 6 and April 12, but they have recently increased again. The long-term effects of the update therefore remain to be seen.
The transaction problems have already left their mark on Solana, as user activity decreased and the number of active addresses and transaction fee revenue decreased. Additionally, developer activity on the platform decreased, which may be due to uncertainty surrounding the effectiveness of the update. Despite these challenges, Solana remains a key blockchain in the NFT space and has gained transaction volumes over Ethereum.
A worrying development is the possible impact of bankrupt crypto exchange FTX selling 30 million SOL tokens at a low price. The emergence of fraudulent Solana Memecoin projects also shows the risks and the need for transparency and fairness in the crypto space. In this sense, the Solana memecoin “Slothana” has attracted the interest of many investors and raised impressive amounts with a fair and transparent approach.
Despite these challenges and disappointments, Solana remains a significant force in the blockchain technology and NFTs space. The platform is working hard to resolve its transaction issues and regain the trust of users and developers as it continues to assert itself as a major player in the crypto market.