Solana is gearing up for a significant update to its mainnet beta version on May 27. The upcoming version 1.18 could play a vital role in resolving the ongoing congestion issues within the network. This update aims to substantially strengthen Solana’s infrastructure, marking a notable development in the Solana ecosystem.
A New Update is on the Horizon for Solana
Solana‘s ecosystem has recently worsened due to an increase in bot-based transactions involving memecoin projects, leading to more frequent transaction failures. In response to these challenges, Solana’s development team is actively implementing a series of upgrades designed to enhance network performance. In collaboration with a major infrastructure developer, Anza, version 1.18.11 was introduced in the devnet on April 13, and validators are currently testing the v1.18 update.
Validators play a crucial role in the blockchain ecosystem by approving transactions, aiding in securing the network, and thus becoming essential for the success of the new update. Feedback from this testing phase could be instrumental in ensuring the success of the upcoming mainnet beta launch.
What’s Happening in the Solana Ecosystem?
In addition to proactive measures, developers released version 1.17.31 on April 15, aimed at alleviating the ecosystem’s congestion. This version was recommended by MainnetBeta validators for urgent use, possibly as part of a broader effort to stabilize transaction volumes in the ecosystem.
Despite these technical advancements, Solana has faced significant market volatility, with its value dropping over 22% since the beginning of the month. Solana’s price reached a low of $116 in early April but has since recovered, currently trading at around $158.
The congestion in the Solana ecosystem has increased selling pressure on memecoin projects and led to the postponement of planned airdrop events. Many Solana-based tokens launched during this period are trading below their launch prices, prompting many users to exit the Solana ecosystem.
