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Will Solana’s new patch revitalize its market value? insights into the May 27 update

In this post:

  • Solana’s mainnet beta v1.18 set for May 27 aims to reduce congestion.
  • Recent updates include v1.18.11 and v1.17.31 to improve network stability.
  • Solana’s price rebounded to $154.86 after a 22% drop earlier in April.

On May 27th, Solana is all set to roll out the mainnet beta with a critical patch to fix the bugs plaguing its network. The upcoming beta version, namely v1.18, targets congestion issues the network is facing, having just reached an impasse.

Solana tests new fixes for network congestion

This is because the bandwidth for high-volume meme coins-related bot transactions has caused Solana’s congestion to skyrocket. These exchanges cause network speed decline, which in turn leads to more transaction failures in the crypto space. In response, the dev team from Solana, in alliance with Anza, introduced devnet version 1.18.11 on April 13. At the moment, this model is undergoing a stage of verification by the validators necessary for the beta launch of the mainnet, which is scheduled to start at the end of May.

Source: GitHub

Not only were more regular tests conducted, but the producers also launched version 1.17.31 on April 15. Such modifications were meant to solve a network congestion problem and were recommended to be applied by validators immediately. The strategizer release is just one of a number of attempts made to stabilize the network during periods of Substantial transaction volume fluctuations.

Impact on market performance

In contrast to technological improvements, Solana has not been able to tackle market volatility strategically. On April’s outset, the cryptocurrency experienced the biggest price drop of over 22%, and the level of $116 was touched. However, it is getting back on track, given that its price recovered so much and is now at approximately $154.86. These changes evince the perplexities and uncertainties any digital currency faces in such a market.

SOL/USD price: CoinMarketCap

Solana’s new update aims for higher capacity

Validators ensure the correctness and execution of the computing processes in the Solana blockchain network. They endorse deals and play a role in keeping the network up and running. Their presence during the implementation phase and the necessary feedback for creating the new baselines are imperative to the satisfactory introduction of the latest developments.

In particular, Solana’s development team will try to increase the network capacity to handle heightened demands and ensure the security of their system. With the release of Millennium launching v1.18 label, we are closer than ever to reaching our primary goals. The community, together with various stakeholders, can also continually scrutinize these developments in order to learn of not only a functional and accessible network but also a replicable one.

With technical updates and the market recovery center stage, as we approach the scheduled update, the quest for the microchip continues. Solona’s approach to guarding the infrastructure of the network and managing the market dynamics plays a significant role in its growth and stability as a network.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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