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Solana Network Performance Improves in 2023

Solana Foundation Reports Improved Network Performance

Jul 21, 2023
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Solana Network overcomes past challenges to achieve 100% uptime since February 2023.

The Solana Foundation’s latest network performance report for July 2023 shows that the Solana network has experienced significant improvements in uptime, transaction processing, and handling of heavy traffic.

The network has undergone multiple upgrades, including the rollout of QUIC TPU, Stake weighted QoS, and localized fee markets. These upgrades have helped the network perform well during periods of high stress, such as the MadLads NFT mint.

The report also highlights the network’s ability to handle high traffic and demand. The foundation asserts that it has developed a technique for storing data on-chain while reducing costs by orders of magnitude. This means that minting 100 million NFTs on Solana now costs only 50 SOL ($1,300).

Despite past stability and uptime challenges, which co-founder Anatoly Yakovenko referred to as a “curse,” the network has experienced 100% uptime since February 2023. The foundation also reports that a sizable team of impartial validators worldwide continues to manage the network, making it one of the most advanced proof-of-stake blockchains in the world and one of the most decentralized.

However, the network has faced some challenges recently. Last month, the Securities and Exchange Commission (SEC) labeled SOL a security in a lawsuit, causing its market cap to fall by 9%. NFT sales on the secondary market also fell by 41.5%, with research from CoinGecko claiming that Solana saw a 78.6% drop in trade volumes as significant collections moved to other blockchains. Despite these challenges, the foundation remains optimistic about the future of the network.

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