Solana v1.17.31 Update Addresses Mainnet Congestion

Solana has released an update, version 1.17.31 to address network congestion issues that led to transaction failures and delays.

In order to address the persistent congestion problems that have been plaguing the network, Solana has released an update on the mainnet beta.

The current network congestion concerns, which resulted in 75% of transactions either failing or delaying, immediately led to a decline in the values of the ecosystem tokens and market sentiment.

Solana Releases Mainnet Update for Congestion Issues

Solana Status announced the release of the network mainnet update, version 1.17.31, in a post that appeared on X on April 15th. We need Mainnet Beta validators to update with the release to prevent further congestion concerns on the network.

We have tested the release and found it sufficient for use on Mainnet Beta. This release includes “enhancements that will help alleviate the ongoing congestion on the Network”.

When asked about the most recent release, Solana co-founder Anatoly Yakovenko made the following statement: “The gestation period for a major release is approximately thirty patch releases.

“The following are some of the most significant changes made to the update:

• Smallvec is used to aggregate chunks, and one alloc is saved for each packet.

• Display staked versus nonstaked packets that have undergone rapid sending or throttling.

• Forwarding of funds from the bank For staked nodes, reduce the number of streams that are less than 100 milliseconds long.

• In the streamer QOS default staked client in LocalCluster, treat very low staked as if it were unstaked because it is.

Devshop Anza, which focuses on Solana, has recently released version 1.18.11 to the developer network. The update will resolve the frequently occurring congestion problems on the Solana chain.

Anza has identified the implementation of QUIC and the behavior of the Agave validator client as the key causes of worry over network congestion.

SOL Price and Ecosystem Token Prices Recover

Because of the most recent changes, the price of SOL rose by 15%, going from a 24-hour low of $133.79 to a high of $156. Since the cryptocurrency market crashed last week, Solana has recovered roughly 35 percent from a low of $116.

There is still a decrease in it’s trade volume, which may indicate that whales and large investors are purchasing. Furthermore, the open interest in Solana futures has increased by more than 6% in the past four hours and by more than 3% in only one hour, which would indicate that derivatives traders have been making significant purchases.

According to data provided by Coinglass, the total amount of open interest in SOL futures across all exchanges increased to $2.14 billion. Whales have withdrawn approximately $3 million worth of Solana from Binance in order to purchase Solana meme coins MEW and SLERF, according to the on-chain portal LookonChain.

This comes at a time when the cryptocurrency market as a whole is showing signs of revival.