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In the second quarter of this year, the Solana network demonstrated exceptional stability, experiencing zero downtime. This remarkable improvement comes after a history of several failures in 2017, showing that the network has made substantial progress.
According to a performance report released on July 20, the Solana Foundation reported no network interruptions since February 25th. This is a significant leap forward compared to a single outage in February that brought the network down for nearly 20 hours. Solana's co-founder, Anatoly Yakovenko, has referred to the network's uptime issues as a "curse," attributing them to its focus on low-cost transactions.
Solana Report Snap | Source: Twitter
The report also highlights a positive trend in the proportion of votes cast relative to the total number of transactions. Voting transactions, which encompass validators' confirmations of proposed blocks, have increased compared to non-voting transactions generated by user operations on the blockchain. As the network's efficiency improves, it is anticipated that the fraction of voting transactions will decrease in relation to non-voting ones.
Solana enjoys more stable block times
Moreover, Solana has enjoyed more stable block times, significantly improving how rapidly new blocks are added to the chain. Evaluating the speed and efficiency of a network, the transactions per second (TPS) metric has risen due to recent network enhancements. Dune Analytics reveals that the network's current TPS stands at 3,777, showcasing its high throughput capacity.
Additionally, the report outlines advancements in state compression, a feature that enables more efficient data storage on the blockchain, leading to cost reductions. The foundation estimates that the cost to mint 100,000,000 NFTs on Solana is only 50 SOL (approximately $1,300).
The network's smooth operation owes much to the dedication of independent validators scattered worldwide. Solana's highly developed proof-of-stake blockchain status makes it one of the most decentralized networks globally.
Looking towards future developments, the Solana Foundation has plans to introduce Timely Vote Credits, or Solana Improvement Document-33, in the third quarter. This enhancement aims to expedite block finalization and discourage deliberate voting delays.
Solana’s new tool
Another recent milestone for Solana is the release of their newest developer tool, Solang, on July 19. This tool aims to bridge the gap between the Solana and Ethereum blockchain ecosystems by standardizing on a standard programming language, thus promoting interoperability.
While Solana's native currency, SOL, experienced a 4.4% drop in value in a single day, currently trading at around $25.21, it has still seen a remarkable 50% increase over the past month. Nevertheless, it remains down by 90% from its all-time high of $260 in November 2021.
In conclusion, the Solana network has achieved an impressive feat in the second quarter, boasting zero downtime and demonstrating its dedication to improving performance and scalability. With future advancements, including Timely Vote Credits and enhanced developer tools, Solana's potential for growth and further success in the blockchain space looks promising.