Solana community recently voted 77% in favor of allocating 100% of network priority fees to validators, changing from the previous split.
The Solana community voted 77% in favor of network validators receiving 100% of priority fees earned by network users on May 27.
The Solana network’s token-burning mechanism and Solana’s validators previously received an equal share of the priority fees.
The price of sol has risen significantly since the end of 2023. The token’s price has fluctuated between $170 and $210 since its peak in March 2024.
The network has been down four times due to congestion and crashes, even if Sol’s price performance has been promising.
In September 2021, bots worsened network congestion, leading to a 17-hour outage for Sol’s network, which was the first publicly known crash.
Unusually heavy traffic caused Solana to crash once again in December, almost four months after the first disaster. SolChick’s game token sale returned to the network later that month, causing congestion problems.
Once again, caused by abnormally high network traffic, Sol suffered a significant network outage in 2023. The validators at Sol thought an update to the validator software was to blame for the crash, but reverting to an earlier version of the software didn’t fix the issue.
The validators manually rebooted the entire system using the most stable version of the validation software to restore normal network activity.
Developers of the Solana blockchain promised the community after a spate of high-profile network crashes that the platform would soon receive bug fixes and other upgrades, but they could not completely dismiss the possibility of further crashes.
It seems like these network disruptions are a natural consequence of having a large transaction flow. The Sol blockchain, as reported by CoinGecko, continues to display extremely high metrics for transactions per second, with a record high of 1,504 TPS achieved on April 6, 2024.
Because of its efforts to strike a compromise between stability and state-of-the-art transaction throughput, Sol has surpassed Ethereum’s current layer-1 performance, making it the fastest blockchain network overall.