[New Solana network update scheduled for end of May]
Solana is preparing for the important update v1.18 to be launched on its mainnet beta version on May 27. This update will play a key role in solving the current network congestion problem. The congestion problem has been exacerbated recently by a spike in failure rates due to bot-managed memcoins transactions.
To address these challenges, the Solana development team partnered with infrastructure developer Anza to launch version 1.18.11 on the devnet on April 13. Currently, validators are testing version 1.18. They play a key role in network security and transaction confirmation and are crucial to the success of the new update. Feedback from this testing phase will help ensure the smooth launch of the upcoming mainnet beta.
In addition, to further alleviate congestion, developers launched version 1.17.31 on April 15. This version is designed to stabilize the network when transaction volume fluctuates, and has been recommended to MainnetBeta validators for immediate use.
Despite the technical progress, Solana has faced market volatility of late, losing more than 22% in value since the beginning of the month, reaching as low as $116 at one point. However, the price has recovered somewhat and is currently trading around $158.
