The Solana community has made a decisive move to bolster its network validators. On May 27, a vote passed with a 77% majority to allocate 100% of priority fees to these validators. The move aims to fix overall network stability.
Previously, the fees were split evenly between rewarding validators and a token-burning mechanism.
Solana's network has experienced multiple outages due to congestion, with notable incidents in September 2021 and several in 2023. Despite these setbacks, Solana's performance remains strong, trading at approximately $171, down from a peak of $210 in March 2024.
The vote comes as Solana continues to grapple with high transaction volumes. The blockchain achieved a record 1,504 transactions per second in April 2024, maintaining its position as the fastest in the industry. However, the network's reliability remains a concern.
Validators, now receiving the entirety of priority fees, are expected to be better equipped to manage and stabilize the network. This move is part of a broader effort to address Solana’s technical challenges while maintaining its competitive edge.
The community's decision highlights a strategic pivot, prioritizing network stability and validator support over the token burn mechanism. This shift could influence Solana's future development and operational resilience.