Solana Rewards Proposed To Combat Crippling Network Congestion

The creator of the Ore project, known by the pseudonym Hardhat Chad, has suggested to the Solana Foundation that rewards be offered to incentivize testnet activity on the Solana blockchain. This proposal comes in the wake of the Solana network facing severe congestion issues for nearly a week, with a staggering transaction failure rate reaching as high as 75%.

In a post on the X social platform, Hardhat Chad stated that if the Solana blockchain platform wishes to encourage users to test new features or protocols on the testnet, the Solana Foundation should provide an incentive in the form of SOL tokens. This incentive could motivate users to actively test, ultimately improving the platform’s performance and identifying potential issues before deployment to the mainnet.

The community’s response to Hardhat Chad’s suggestion has been divided. While some support the idea, others have expressed disagreement. One user, TheSoftwareJedi, advised Chad to build his project first and demonstrate goodwill to the foundation before seeking incentives.

TheSoftwareJedi proposed that Hardhat Chad could apply for funding via a grant from the Solana Foundation but stressed the importance of preserving autonomy from foundation incentives.

However, Hardhat Chad clarified that he isn’t seeking funds from the foundation. His goal for Ore is to establish a currency, not develop testnet tools. He’s reassessing incentives to combat spam, questioning the need to prioritize building testnet spam bots.

Solana Network Congestion: Updates & Solutions

In a separate development, Hardhat Chad had previously announced via social media the immediate cessation of mining operations, citing the need for this measure to ensure the well-being of the Solana network and Ore’s stakeholders. He emphasized the necessity for an overhauled innovative contract framework amid the recent network difficulties, aligning with the project’s roadmap for developing Ore’s second version (v2) and demonstrating a commitment to long-term sustainability.

Ore, a blockchain-based project launched on Solana, has been exploring the proper distribution method using a proof-of-work (PoW) token distribution mechanism. The project is experimenting with combining PoW’s security with Solana’s fast transaction capabilities. However, Ore’s activity has contributed significantly to Solana’s network congestion, impacting transaction scheduling and leading to a high rate of failed transactions, exacerbated by the recent memecoin frenzy on the network.

In response to the ongoing network congestion, Solana developers have released a mainnet beta update, v1.17.31, with enhancements to alleviate some issues. In addition, further improvement to follow in v1.18

As of April 17, 2024, the Solana community and stakeholders continue to monitor the situation closely and evaluate potential solutions to address the network congestion challenges effectively.

Related Reading | Major Crypto Whales Hold Billions, But Much Is Inaccessible

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

Comments (No)

Leave a Reply