#write2earn #Solana Network Update: Tackling #Congestion & Enhancing Performance #solanaUpdate #Solanaseason $SOL

Version 1.17.31 marks the beginning of a planned series of updates aimed at tackling recent network congestion issues.
The Solana network has been grappling with congestion problems over the past few months, particularly amidst the surge in popularity of meme coins, which led to a sharp increase in user activity and a significant rise in demand for network resources.
Solana developers have announced a new software update designed to address these congestion issues, which is now recommended for general use by mainnet validators. This update, labeled v1.17.31, contains improvements aimed at easing the ongoing congestion on the Solana Network.
Rex St John, head of developer relations at Anza, the team behind Monday's update, emphasized that this release is just the first step in a series of planned updates to mitigate network congestion.
Validators, responsible for running nodes or software to confirm transactions and secure the blockchain network, play a crucial role. They must regularly update their nodes to newer releases to effectively manage any issues that may arise during network operation.
The surge in user activity, particularly driven by meme coin trading, led to a spike in transactional volumes, reaching as high as $4 billion in March compared to the typical figures of under $500 million per day in 2023.
The increased usage of bots also contributed to a rise in "failed" transactions on the Solana network. These failed transactions were flagged by smart contracts as "bad requests," despite being successfully submitted to the network.
To address these challenges, the final version of the update prioritizes transactions from reputable validators with significant stakes. This prioritization ensures that validators with higher stakes receive better service quality, preventing lower-quality validators from maliciously overwhelming the network with transactions.

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Solana Activates ZK Compression for Major Performance Boost

#solana #solanaUpgrade #solanaUpdate #ZKcompression $SOL

High-performance Layer 1 blockchain Solana (SOL) has activated ZK Compression technology on its mainnet. This development is poised to revolutionize the scaling of Solana's dApps and significantly reduce computational costs, according to a seasoned developer.

Solana Implements ZK Compression Mechanism
Solana has adopted ZK Compression, a critical upgrade enhancing its scaling and performance metrics. Mert Mumtaz, co-founder and CEO of Helius, a Solana infrastructure application, predicts this advancement will bring "10,000x scale improvements" to Solana's design.

Dramatic Cost-Efficiency
In terms of cost-efficiency, ZK Compression makes transactions over 5,200 times cheaper, based on Mumtaz's calculations. Technically, the upgrade compresses the size of Solana's blockchain state. Since state is the most resource-intensive element, this compression significantly reduces hardware costs and boosts overall blockchain performance.

Egalitarian Innovation
Solana's founder, Anatoly Yakovenko, introduced the upgrade as "the most egalitarian thing he had ever seen," expecting it to "reshape the fabric of society." The new release also includes compressed account indexing via Photon, an open-source indexer that can be run locally.

Pantera Capital's Bullish Outlook
Despite the radical redesign, APIs post-ZK Compression will remain nearly identical to existing ones, Mumtaz confirmed. Earlier this week, Pantera Capital, a major VC in the blockchain sector, released a highly optimistic report on Solana. Analysts compared Solana's achievements to those of Apple, predicting that Solana will become the "Mac OS" of the Web3 sphere due to its seamless UX, rapid innovation, and enhanced security.