TL;DR
- Solana now recommends the use of its v1.17.31 update, aimed at addressing recent network congestion issues.
- Trading volume in SOL-based DEXs has surpassed $1 billion.
- The growth of DEXs is partly due to the overwhelming success of SOL-based memecoins.
Solana has experienced a significant increase in trading volume in DEXs following a major beta update of its network. This update, known as v1.17.31, was released to address the network congestion issues that have affected the network in recent weeks.
The update was released on April 12, and after undergoing three days of testing, it is now recommended for general use by Solana’s mainnet validators. The upgrade introduced a series of necessary improvements to address network congestion and specific issues related to increased activity on the network.
The v1.17.31 release is now recommended for general use by MainnetBeta validators. This release contains enhancements which will help alleviate the ongoing congestion on the Solana Network.
— Solana Status (@SolanaStatus) April 15, 2024
In addition to addressing network congestion, it resolves issues with open interest jump. The improvements were requested by broad sectors of the community and are essential to ensure a better user experience and more efficient network operation.
Solana Blockchain Returns to Normalcy
On the other hand, SOL-based DEXs have experienced a significant increase in trading volume. According to DEX Screener data, trading volume has surpassed $1 billion, a considerable rebound from previous days.
The increase in DEX trading volume is thanks to the growing popularity of SOL-based memecoins. Coins like SLERF, cat in a dogs world (MEW), and Dogwifhat (WIF) have been key in driving the development of the SOL ecosystem.
Beyond the positive news, the DeFi sector faces a complex regulatory framework, with the SEC increasing its crackdown on the crypto industry, as evidenced by the recent Wells notice against Uniswap.
Solana hopes to return to a path of growth and development. With technical updates to improve its network and the immediate positive impact they had, we will see the blockchain emerge from the shadow of uncertainty it was cast into due to congestion issues and transaction failures.
