Solana announces network update to address congestion issues exacerbated by SOL memecoin craze

The Solana blockchain has announced an update designed to address network congestion caused by a surge in memecoin activity.
In a post published on the X website, the development team said the v1.17.31 recommended update will include “enhancements” to improve network performance.
The v1.17.31 release is now recommended for general use by MainnetBeta validators. This release includes enhancements that will help alleviate ongoing congestion issues on the Solana network.
The update was pushed out by Anza, a software development company focused on SOL. Anza's head, Rex St John, said v1.17.31 is not an immediate fix for network congestion, but the first step in more planned updates.
This wraps up the first round of @solana mainnet congestion updates, the update everyone has been waiting for from @anza_xyz. There are other updates coming soon. It's important to note that this is not v1.18, which will have further improvements.
Anza has deployed version v1.17.31 on the Solana Testnet. According to Solana Beach, more than half of the Solana network validators are already running this version of the validator client.
Solana network congestion problem
The Solana blockchain began experiencing network congestion issues following an increase in memecoin activity.
According to DeFiLlama, transaction volume on the Solana blockchain exceeded $3 billion in March. However, this growth has not been without problems, with the network recording a large number of failed transactions.
Solana developer Mert Helius said the failed transactions were caused by bots and bad requests.
The SOL price has dropped by 11% in the past 24 hours and is trading at $136 at 04:30 EST.
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