On May 27, the Solana community voted to grant network validators 100% of priority fees
On May 27, the Solana community voted to grant network validators 100% of priority fees generated by network users; The vote was obtained by a margin of 77%.
Previously, Solana’s priority fees were split equally between Solana’s validator reward and the Solana network’s token burning mechanism.
Solana (SOL) has seen a significant price increase since late 2023. The token reached a high of around $210 in March 2024 and is currently trading at around $171.
Despite Solana’s strong price performance, the network continues to suffer from congestion issues and numerous crashes that have taken the network out of service on at least four occasions.
The first major outage occurred in September 2021, when botnets exacerbated network congestion, causing the Solana network to be down for 17 hours.
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Just four months later, in December, Solana’s plane crashed again due to unusually high traffic. Later that same month, the network was again plagued by network congestion issues caused by the sale of SolChick gaming tokens.
In 2023, Solana experienced another major network outage, due to unusually high network traffic. At the time, Solana auditors believed the crash was caused by an upgrade to Solana’s validation software, although rolling back to the previous version of the software did not resolve the issue.
The validators then manually restarted the entire network using the most stable version of the validation software, and normal activity on the network resumed.
After this series of high-profile network outages, Solana developers assured the community that bug fixes and other fixes would be made to the Solana blockchain, but did not rule out the possibility of outages in the future .
These network outages appear to be occurring in an area with high transaction throughput. According to CoinGecko, the Solana blockchain continues to post fast transactions per second metrics, reaching an all-time high of 1,504 TPS on April 6, 2024.
This makes Solana the fastest blockchain network ever created, completely surpassing the current speed of Ethereum’s first layer, as the network attempts to balance reliability with industry-leading transaction throughput.
