The Solana community has overwhelmingly approved allocating 100% of priority fees to network validators.
The Solana community has approved a measure granting network validators full access to the priority fees generated by network users, with the vote passing by a significant margin of 77%. Previously, these priority fees were divided equally between rewarding Solana’s validators and fueling the token-burning mechanism within the Solana network.
Solana (SOL) has experienced a significant surge in price since late 2023, reaching a peak of approximately $210 in March 2024 before currently settling around $171. However, amidst its impressive price growth, the network grapples with persistent congestion problems and has encountered several instances of crashes. Notably, the network faced a prominent crash in September 2021, lasting 17 hours, triggered by bots exacerbating congestion issues.
Just four months later, in December, Solana suffered another crash due to exceptionally high traffic. During the same month, the network faced congestion issues once more, this time stemming from SolChick’s game token sale.
In 2023, Solana encountered yet another significant network outage caused by a surge in network activity. Despite efforts to attribute the crash to an upgrade in Solana’s validator software, rolling back to a previous version failed to resolve the issue.
To restore normalcy, validators manually rebooted the entire network using the most stable version of the validation software.
Following these prominent network crashes, Solana’s developers assured the community of forthcoming bug fixes and system overhauls, though they didn’t dismiss the possibility of future incidents.
These network outages seem to be an inherent challenge of accommodating high transaction throughput. According to CoinGecko, Solana continues to demonstrate impressive transaction per-second metrics, reaching a peak of 1,504 TPS on April 6, 2024.
This solidifies Solana’s position as the fastest blockchain network, significantly surpassing Ethereum’s current layer-1 speed, as it strives to balance reliability with groundbreaking transaction throughput.
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