The Solana v1.17.31 update has been released to address the network's congestion issues, which have been significantly slowing processing times and increasing transaction drop rates. This update is part of a broader effort by the Solana Foundation and Anza, a spinoff from Solana Labs, to tackle the ongoing congestion problems on the Solana network.

The update, now recommended for general use by MainnetBeta validators, includes several enhancements. It tackles spam transactions, which have been a primary cause of congestion. The update also introduces improvements in how staked and non-staked packets are managed and enhances the BankingStage Forwarding Filter, crucial for maintaining the network's efficiency.

Since the update, there have been positive reports from users and the community. Many have noted a significant improvement in network performance, with transactions processing more smoothly and the network experiencing less congestion.

In summary, the Solana v1.17.31 update, dubbed "Goodbye Congestion, Hello Smooth Trading," appears to be delivering on its promise to alleviate the network's congestion issues, providing a smoother trading experience for users.