Solflare, a wallet on the Solana network, announced on Monday that its users can now pay higher gas fees to muscle through network congestion. Solflare is the first to implement this.
In-wallet transactions will automatically be prioritized with the current market price for fees, ensuring that your transactions are included faster than those in other wallets.
Solflare will automatically detect whether the Solana network is under load and slightly increase fees to prioritize your transaction over others, When it matters the most, your transactions will go through and be fast.
Since its launch in 2019, Solana has become a popular blockchain for NFTs and decentralized applications due to its speed and low costs. Still, those benefits have caused the popular network to fall victim to network congestion when it attempts to handle a rush of transactions.
Fees have been a part of crypto since the very beginning of the industry and the Bitcoin whitepaper.
Transactions cost a small amount of the particular network's coin or token to pay for sending cryptocurrency or NFTs from one wallet to another.
Last summer, Solana Labs introduced variable gas fees to the network that the company described as a “neighborhood fees” approach, which does not impact the wider network. Anatoly Yakovenko, co-founder of Solana Labs, said at the time the model is aimed at not punishing users with high fees across the entire network during high traffic.
Priority fees also help make a blockchain network more stable by preventing users from hammering the Solana network with repeat transactions in the hope that one of the transactions will go through.
It's worth noting that state in Solana is isolated, so a highly contested piece of state won't cause the gas price for other pieces of state to go up.
This is unlike ETH, where, for example, if there's a hot event like the Bored Ape Yacht Club land mint, the transaction fee for all users goes up.
Priority fees are already live in its app on the web, in browser extensions, and for in-wallet transactions with mobile and app launching soon.
Solana is almost only network to resolve practical issues with regular and decentralized ways except Ethereum.
Most of other chains do not have practical real transactions or decentralized solving progress. But at this time, users and private investors do not care much, just focusing on price.
Soon, we all know the difference.
I guess most of other L1s and EVMs may have few things to blame this network as the network stability and regidity become more mature.
The point that this network still need to improve is a lack of BD(Business Development). But just regarding pure blockchain view, that role is not on foundation, maybe on natrural born seperate business sector.
Source: Decrypt