Solana Status has announced the release of the Solana network’s mainnet upgrade, version 1.17.31. This upgrade aims to tackle the persistent congestion issues that have been plaguing the network. In response to the recent problems that led to 75% of transactions being delayed or failing, Solana has taken the necessary steps to address and resolve these issues.
The announcement was made on April 15th through a post on X, where Solana Status shared the details of the mainnet upgrade. To prevent any further congestion on the Solana network, validators for the Mainnet Beta are required to upgrade with this new release.
The upgrade, version 1.17.31, has been tested on Mainnet Beta and has proven to be stable. It incorporates various improvements that will significantly reduce the persistent congestion that has been hindering the Solana Network.
Anatoly Yakovenko, the co-founder of Solana, expressed his confidence in this upgrade, stating that it will effectively address the congestion issues and ensure a better experience for users on the network.
In addition to the mainnet upgrade, the Solana-centric devshop Anza has also released version 1.18.11 to devnet. This release aims to further resolve the congestion problems on the Solana chain. According to Anza, the behavior of the Agave validator client and a QUIC implementation are the primary causes of the network congestion. The upcoming release, v1.18, will specifically target these concerns and provide additional solutions.
Meanwhile, Lookonchain, an on-chain platform, has reported that whales withdrew approximately $3 million worth of Solana from Binance to purchase meme currencies MEW and SLERF. This move coincided with the overall cryptocurrency market showing signs of a rally.
As a result of these recent developments, the price of SOL experienced a significant surge. It went from a 24-hour low of $133.79 to a high of $156, as per data from CoinMarketCap. Currently, SOL is trading at $144.57, representing a 4.55% increase in the last 24 hours.
In other crypto news, VALR, a crypto exchange, has secured a Crypto Asset Service Provider (CASP) license in South Africa. This license further solidifies VALR’s position in the crypto industry and enables them to provide comprehensive services to their customers.
Overall, these updates highlight the efforts being made to address congestion issues on the Solana network and the positive impact they are having on the ecosystem.