• Solana [SOL] has approved a new update for its validators named v1.14, which unlocks several features on the network’s staking ecosystem.
• SOL’s price chart turned green suggesting a further price pump and the number of stakers increased by more than 1,800%.
• The v1.14 upgrade provides the groundwork for applying the minimum required stake delegation and optimizing caching.
Solana’s Network Update
Solana [SOL] has approved a new update for its validators named v1.14 which brings several new features to the network’s staking ecosystem. After a majority of network users decided to upgrade to the new version on 22 May, it was adopted by 97% of stake. This release provides the groundwork for applying the minimum required stake delegation and introducing a new RPC to access existing minimum stake delegation as well as other optimizations such as caching.
Increased Staker Numbers
The good news is that this update was welcomed by investors too as it caused an exponential increase in SOL stakers last week with more than 1,800% growth according to Staking Rewards data. This is likely due to SOL’s bullish price action over the past week with CoinMarketCap showing an increase of over 6% in seven days at time of writing priced at $21.09 with a market capitalization of over $8.3 billion. The positive sentiment around SOL also surged on 29 May 2023 with social volume increasing significantly.
Features Unlocked By Update
The v1.14 update unlocks several highly anticipated features on Solana’s blockchain such as allowing developers to collect transaction fees that can then be used to estimate future transactions or taking advantage of localized fee markets that will be added in future updates. It also introduces RPC calls related to validator governance which will help improve user experience when interacting with other nodes in the network such as making changes in their delegated stakes or accessing existing minimum stake delegations from another node etc..
Benefits Of The Upgrade
The benefits associated with this upgrade are multiple – developers can use transaction fees collected from previous transactions to better predict future ones; they can also take advantage of localized fee markets that may be introduced later; moreover, it helps improve user experience when interacting with other nodes in the network through improved governance tools and finally, optimized caching makes sure that resources are utilized efficiently while doing any operations in Solana’s blockchain ecosystem..
Conclusion
In conclusion, Solana’s latest v1.14 upgrade brings several useful features for both developers and users alike – ranging from collecting paid transaction fees and using them for predicting future transactions, utilizing localized fee markets when applicable, improving governance tools between different nodes within the network and optimizing overall resource utilization efficiency via various caching techniques – all combined together make it one powerful addition into Solana’s blockchain platform!
