Solana, a key player in the Layer-1 blockchain network domain, has shown a substantial improvement in the network’s uptime and reliability this year, with just one recorded outage so far since the year 2023 began.
According to a performance report released by the Solana Foundation on July 20, the network’s stability and performance saw a significant uptick in the first half of 2023. The report presents detailed metrics including the network’s uptime and the ratio of non-voting to voting transactions, which are key indicators of network efficiency and reliability.
Addressing The Network Reliability Challenge
Despite its promising features, Solana has historically faced issues relating to network uptime and reliability. These problems, referred to as a “curse” by Co-founder Anatoly Yakovenko, were largely attributed to the network’s low-cost transactions, which according to Yakovenko frequently led to Solana network outages.
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1/ The Solana Foundation has released the most recent @Solana Network Performance report.
The Solana network’s performance has improved through H1 2023, as measured by uptime, the ratio of non-voting-to-voting transactions, & more.
Read the full report: https://t.co/naOftyknLA pic.twitter.com/yI9Q8swWdT
— Solana Foundation (@SolanaFndn) July 20, 2023
However, the latest report offers a refreshing contrast to this history, marking a 100% uptime since February 25. This performance ensures that Solana completed an entire quarter without any outages, with the only disruption of the year in February causing a nearly 19-hour network blackout.
Indicators Of Network Efficiency
In addition to its uptime record, Solana is also making strides in the ratio of voting to non-voting transactions. To clarify, voting transactions are carried out when a validator, a crucial component of the blockchain ecosystem, gets involved in validating and approving one or more proposed data blocks on the network.
On the other hand, non-voting transactions are those instigated by user activities on the blockchain, which could include actions such as sending or receiving tokens, executing smart contracts, or interacting with decentralized applications (DApps).
The Solana Foundation report also predicts a decreasing these voting-to-non-voting transaction ratios over time, as increased network efficiency should result in a lower overall percentage of voting transactions.
Furthermore, Solana’s throughput, measured in terms of transactions per second (TPS), is another vital indicator of network efficiency. The report reveals that Solana’s maximum daily TPS has been on an upward trajectory since January, a trend closely associated with new network upgrades.
According to data from Dune Analytics, the transaction rate on the Solana network currently stands at 3,781 transactions per second. Meanwhile, the network’s native token SOL has been in a bearish trend in the past week.
Particularly, SOL has plunged by more than 10% in the past 7 days. The asset has dropped from a high of trading above $30 last Friday following a quick spike to a low of $25.39 at the time of writing, down by roughly 6.6% in the past 24 hours.
Featured image from Shutterstock, Chart from TradingView
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