Solana looks to beat network outages with new open source validator client

The Solana network has been plagued with outages and slowdowns this year, especially during periods of congestion due to high demand, but the Solana Foundation is now using a new open-source validator client developed by Jump Crypto to I’m trying to add stability and throughput to my network. .

Blockchain infrastructure developer Jump Crypto is part of Jump Trading Group, a quantitative trading firm.

According to Aug. 16, Jump Crypto uses the C++ programming language to build validators. press releaseThe company also plans to propose a major upgrade to Solana’s core open source software.

Jump Trading Chief Scientific Officer Kevin Bowers will oversee the process of building the new validator client, according to a press release.

project, dubbing fire dancerWe aim to significantly improve Solana’s network throughput – the speed, efficiency and resilience of transactions – in the next 12 months, and in the following 12 months.

According to Solana’s incident report, the Solana network has experienced no downtime since July, but had suffered multiple outages and slowdowns in the previous months. history.

In May the network was offline for more than 5 hours, and in June there was over 4 hours of downtime. The June outage caused the price of the network’s native token, Solana (SOL), to drop 12% from his.

A series of network outages and slowdowns has cast cold water on the hopes of institutional investors looking for a more efficient and reliable network than Ethereum, which hosts most of the decentralized finance (DeFi) activity.

But according to Solana co-founder Anatoly Yakovenko, the network has grown exponentially over the past two years. Solana’s market cap has surged from just under $150 million in August 2020 to his $14.96 billion at the time of writing, marking a growth rate of well over 10,000%.

Yakovenko said adding Jump Crypto as a core contributor will help it “maintain its position as the best place to build Web 3.0 while scaling to billions of users.” increase.

Bowers said in a statement:

“Through Jump’s decades of work to solve some of the most complex networking challenges in traditional financial markets, we have seen first-hand the impact of increased network speed and efficiency on the entire financial system. .

Given the relatively slow speed and unreliability of blockchain networks today, a golden opportunity exists to transform the functionality and effectiveness of these networks.

The price of SOL has fallen 2.41% over the past 24 hours, trading at around $42.91. The price of the token has dropped more than 80% from its all-time high of around $259 set in November 2021.