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Solana’s ongoing network congestion has been tied to an implementation bug.
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Solana developers are gearing up to resolve the bug causing the network congestion by mid-April.
Mert Mumtaz, the CEO of Helius Labs and a vocal supporter of Solana, shared this development on social media platform X, noting that the patch is scheduled for deployment by April 15.
Over the past weeks, Solana has seen a rapid increase in transaction failures. Market observers have attributed these issues to the blockchain’s increased popularity and high network activity due to the proliferation of automated bots trying to seize arbitrage opportunities.
Austin Federa, the head of strategy at Solana, said:
“Solana sees traffic and demand that no other network has ever come close to — it’s a stress test of the whole system. These are exactly the type of stress tests you cannot model in simulation, you have to just see how stuff works in prod and adapt.”
According to Mumtaz, the ongoing network congestion isn’t a result of a fundamental design flaw but rather an implementation issue, which tends to be more straightforward to rectify. He said:
“It is important to make this distinction because implementation errors are usually trivial (they can be swapped out for other implementations) — but design errors are generally serious and more fundamental.”
The congestion woes stem from Solana’s utilization of the QUIC networking protocol, particularly the “quin implementation of QUIC.”
While the fix is targeted for April 15, additional issues that surface during the process could extend the timeline.
Mumtaz emphasized that besides technical glitches, Solana is grappling with economic factors that are contributing to its current challenges.
Meanwhile, the current issues battling Solana have forced several crypto projects on the network to postpone their launches indefinitely.
Solana staking rewards platform Surge Finance said it was delaying the launch of its native token till further notice until the market “conditions improve enough for transactions to succeed.”
Similarly, real-world asset platform Sky Hause delayed its staking feature launch because of the congestion on Solana. Identity platform myBID also delayed its launch due to these issues.
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The TVC mechanism introduces a new incentive structure for validators, rewarding faster transaction processing with higher vote credits.
Zeta said it leveraged Solana’s soaring popularity to reach a record trading volume of over $1.2 billion in March.
With a 75.68% failure rate in non-vote transactions, Solana confronts operational challenges in the DeFi landscape.
The SOL will be locked for four years and cannot be sold.
CryptoSlate’s latest report dives deep into the Solana ecosystem to compile a wide spectrum of Solana metrics into a single, authoritative document.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Bitget has rapidly grown to become the world’s largest crypto copy trading platform, doubled down spot trading volume in 2023, and serves over 25 million users worldwide, earning them a place among the Top 5 crypto exchanges on various lists.
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