Solana Is Considering Adding a Feature for Users to Specify an Additional Transaction Fee After Spambots Caused a 7hr Outage 17

Solana Is Considering Adding a Feature for Users to Specify an Additional Transaction Fee After Spambots Caused a 7hr Outage

Summary:

  • Solana has announced plans to introduce a feature that allows its users to specify an additional fee per transaction
  • The feature comes in the wake of the Solana Network suffering a seven-hour outage due to spambots
  • Two other mitigations have been proposed to prevent a similar outage
  • They include the implementation of QUIC and stake-weighted QoS

The team of developers at Solana (SOL) has proposed plans to introduce a new feature that lets its users specify an additional fee to be collected upon execution of a transaction and its inclusion in a block.

The new feature is a ‘fee-based execution priority’ and will allow users of Solana to express the urgency of their transactions as the current stake-weighting ‘is not suitable for this prioritization.’ Furthermore, ‘the ratio of this fee to the requested compute units will serve as a transaction’s execution priority weight.’

They also added that fee prioritization was a work in progress and targeted for the v1.11 release of the Solana mainnet.

Additional Fees are Part of Solana’s Plan to Mitigate Against Another Outage

User-consented additional fees on Solana are part of the network’s plans to mitigate against another outage such as the one that was experienced this past weekend due to spambots. Solana has also proposed the following two mitigation measures in addition to the fee suggestion.

  • QUIC – Solana’s core protocols are to be implemented atop QUIC, a protocol built by Google. QUIC is designed for fast asynchronous communication like Solana’s UDP-protocol but has sessions and flow control like TCP
  • Stake-Weighted Transaction QoS – Solana, being a Proof-of-Stake protocol, will extend the utility of stake-weighting to its transaction quality of service. Consequently, a node with 0.5% stake will have ‘the right to transmit at least 0.5% of the packets to the leader, and the rest of the network and no combination of the remaining stake will be able to fully wash them out.’

Solana’s $82 Support Held, Could Benefit from Bitcoin Holding $38k

With respect to price, Solana is trading at $86.50 after a local low of $82 experienced on Saturday during the monthly close. However, the daily chart continues to confirm a downtrend as SOL is trading below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages.

Solana Is Considering Adding a Feature for Users to Specify an Additional Transaction Fee After Spambots Caused a 7hr Outage 18

The daily MACD, MFI, and RSI are still in oversold territory and could provide the first signs of a bounce if Bitcoin continues to hold its head above the crucial $38k price area.