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Solana Rises 6% Following Vote on Major Network Upgrade

Solana Rises 6% Following Vote on Major Network Upgrade

The price of Solana (SOL) surged to $214.57, marking a 5.9% increase over the past day. This rise coincides with the commencement of voting on what is being termed the “most significant upgrade in the network’s history.”

The asset has shown the best weekly performance among the top 10 cryptocurrencies.

Top 10 cryptocurrencies by market capitalization. Source: CoinGecko.

The community has begun voting on the SIMD-0326 proposal named Alpenglow. Its main goal is to reduce block confirmation time to 150 ms. This will significantly speed up transaction finalization and the operation of decentralized applications.

The proposal will replace the current consensus mechanisms of Proof-of-History and TowerBFT with a new architecture called Votor. It employs an off-chain voting system, which will reduce network load. Additionally, the update will implement a simplified block propagation system called Rotor, replacing the multi-tiered Turbine approach.

The voting will last for three epochs—from 840 to 842. A two-thirds majority of validators is required for a decision, with a quorum of 33%.

At the time of writing, 100 validators have expressed their decision, accounting for 10.6% of the total votes.

Source: Dune.

Back on August 17, Solana became the first network to reach a speed of 107,540 transactions per second during a stress test.

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