Solana Found A Way To Overcome Network Outages
Since the beginning of this year, Solana has often suffered from network outages for various reasons, which negatively affected the overall image of the ecosystem. The Solana Foundation aims to improve network stability and throughput with a new open-source validator client developed by Jump Crypto.
The August 16 press release states that Jump Crypto will create a validator in the C++ programming language. The developer will also offer significant updates to Solana’s core open-source software.
Called Firedancer, the project will focus on dramatically increasing Solana’s network throughput, or transaction processing speed, efficiency and resiliency over the next 12 months, with significant improvements over the next 12 months, the release said.
While Solana’s network hasn’t had any downtime since July, it has repeatedly failed and slowed down in the previous months, according to Solana’s history of incident reports. For example, in May, the network was down for five hours, and in June for more than four hours. The last downtime resulted in a 12% drop in SOL.
Despite this aspect, according to co-founder Anatoly Yakovenko, Solana has shown exponential growth in the past two years. Solana’s market capitalization has grown from $150 million in August 2020 to $14.96 billion.
According to Yakovenko, cooperation with Jump Crypto will help maintain the status of the best place to create Web 3.0 space.
SOL is down 2.41% in the last 24 hours to trade at $42.91. The price has dropped over 80% from the all-time high of $259 set in November 2021.