Last updated on April 16th, 2024 at 03:12 pm
After facing a 20% plunge this weekend, Solana Labs came up with an update that could brief the congestion issue faced by its validator client software. Following the release of the update this morning by Solana on their official X account, a frenzy ensued among altcoin enthusiasts and the crypto realm.
Solana Update Details
“The v1.17.31 release is now recommended for general use by MainnetBeta validators. This release contains enhancements that will help alleviate the ongoing congestion on the Solana Network,” the announcement states.
The main focus of this update is the stake-weighted quality of service (SWQOS), which will enable transactions from users who have staked their tokens to be processed faster.
Tim Garcia, a validator relations lead at the Solana Foundation, took to the X platform to explain the concepts of the network upgrade. Quality of Service is a concept that acts as a traffic coordinator and directs resources, ensuring smooth performance for certain types of data packets.
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The stake-weighted part of the concept of the update allows users to stake their cryptocurrency holdings, which are locked up to support network operations. This feature shares similarities with the proof-of-stake principle.
Read Also: Solana Defies Market Trend With Impressive Gains, Receives Scam Accusations
“I’m seeing a lot of confusion around stake-weighted QoS, so here is my attempt to clarify things. First of all, what is QoS? It stands for quality of service. It’s a networking concept that essentially gives certain packets or connections more reliable performance on the network,” Garcia said.
The SWQOS upgrade impact is, however, supposed to be seen in the future as TPU traffic improves, but as of the time of writing, a 5% delinquency is being maintained while making these upgrades.
However, Rex St. John (man/let), a developer at Solana Labs, noted the distinction between NOT v1.18 and SWQOS on the X platform. The technical updates highlighted on GitHub involved better handling of both staked and non-staked traffic and enhancements to the “BankingStage Forwarding Filter,” which smooths network processing abilities.
Solana Technical Analysis
Solana has today shown hopes, after a 7.58% surge in the daily chart, to trade at a current price of $153.86, according to analysis by Coinstats. This price varies from its ATH of $259.96 which is a 40.62% plunge from the peak seen last on November 7, 2021, according to the CoinStats release.
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As Solana celebrates its updates at a time when fast transactions are crucial amid the awaited Bitcoin halving event, one can only wait and see the future of this digital world.
Read Also: Whale Transfers Huge Amount of Solana to Coinbase: See How Much
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Maina Lewis
I'm a crypto enthusiast with a passion for breaking down complex blockchain concepts into clear, engaging content. Fueled by curiosity, I'm constantly researching the latest crypto trends and developments to keep readers informed and excited about the ever-evolving digital landscape. Whether you're a seasoned crypto investor or just starting your journey, I aim to empower you with the knowledge to navigate this dynamic frontier.