Solana is looking to move ahead from the recent network congestion witnessed on its blockchain. This event was not positive for its native token SOL price surge. However, Solana Foundation is now gearing up to introduce a massive utility function known as Stake Weighted Quality of Service (SWQoS). It will be interesting to see how it can help the token ahead.
Solana gets a new strategy
Austin Federa, the strategy head at Solana Foundation, in the latest post, shed light on this innovative feature. He suggests that it aims at optimizing transaction inclusion likelihood within the network. He added that SWQoS will serve as an approach to enhance Solana’s native token utility. This will offer users three distinct methods to boost transaction inclusion rates.
After encountering major congestion, Solana price is still up by 67% on the year to date (YTD) basis. SOL is trading at an average price of $169.78, at the press time. It is holding a market cap of $75.7 billion.
Federa mentioned that there will be priority fees which will be similar to adjusting gas fees on other networks. It will prioritize transactions when computing or inclusion becomes a bottleneck. This will ensure smooth operation throughout.
Another will be Local Fee Markets, he stated these markets come into play when multiple users contend for the same resources. It will address state contention issues on a local level.
However, the last is Stake Weighted QoS which will be serving as a Sybil/spam discrimination engine. It is highlighted that SWQoS provides global protection against spam activities. It will work either in conjunction with other methods or as a standalone solution.
Will it help?
Solana’s new move to tackle the difficulties shows flexibility. It allows operators to choose the most suitable method based on their setup and priorities. It is important to keep a look at external solutions like MEV relayers.
The rollout of Solana’s V0.5 version will mark a major milestone in its journey till now. It is expected that potential externalities may arise, Federa highlights that the importance of real-world data analysis for informed protocol governance adjustments over time.
Meanwhile, Solana’s validator client team, Anza, has initiated testing for congestion fixes in version 1.18.11 on the devnet. Testnet validators are encouraged to implement the update promptly to facilitate comprehensive analysis before its deployment on the mainnet.
Anza’s proposed fixes aim to address specific issues within Solana’s architecture, ensuring smoother transaction processing and improved user experiences.
Solana is looking to move ahead from the recent network congestion witnessed on its blockchain. This event was not positive for its native token SOL price surge. However, Solana Foundation is now gearing up to introduce a massive utility function known as Stake Weighted Quality of Service (SWQoS). It will be interesting to see how […] Read MoreNews, Crypto, Solana, USA
Todayq News
