Summary
TLDR: Solana Foundation announced a governance proposal called “Timely Vote Credits” to improve transaction confirmations by awarding credits based on the latency of a vote. This proposal aims to address recent transaction failures and bugs in the network. Despite the challenges, Solana’s native token (SOL) has seen significant growth in 2024.
Key Points
1. The passing of the governance proposal “Timely Vote Credits” by Solana Foundation aims to enhance the speed of transaction confirmations, with 53% of validators approving the proposal.
2. The proposal, designed by Zantetsu of Shinobi Systems, introduces changes to the method of calculating vote credits earned by validator votes, awarding credits based on the latency of a vote to discourage intentional delays.
3. Despite recent transaction issues attributed to specific implementation bugs rather than design flaws, developers plan to implement a fix by April 15, with Solana’s native token (SOL) experiencing a significant price surge in 2024 before settling around $172.