- When the Solana network is busy, Solflare will automatically identify it and raise prices.
- Priority fees also aid in blockchain network stability by discouraging users from spamming.
On Monday, Solflare, a wallet on the Solana network, revealed that users will be able to pay higher gas prices in order to bypass network congestion.
Solrise Finance co-founder Vidor Gencel stated:
“[Solflare] is the first to implement this in a user-friendly way. 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.”
When the Solana network is busy. Solflare will automatically identify it and raise prices significantly to give the transaction more priority. Transactions will go through quickly and successfully when it matters most.
Network Stability To Improve
As a result of its fast transaction times and cheap transaction fees. Solana has quickly become a preferred blockchain for NFTs and decentralized apps since its release in 2019. Despite its many advantages, the widely utilized network can’t keep up with the volume of transactions when they suddenly spike.
Even before the Bitcoin whitepaper was written, fees were a standard element of the cryptocurrency sector. Costs associated with transferring cryptocurrencies or NFTs from one wallet to another are often denominated in the network’s native coin or token.
Over the summer, Solana Labs implemented a new gas pricing structure for the network. That it called a “neighborhood fees” approach and that did not have any effect on the larger network. At the time, Anatoly Yakovenko, co-founder of Solana Labs, said that the concept was developed to avoid charging excessive fees to all users of the network while traffic levels were high.
Priority fees also aid in blockchain network stability by discouraging users from spamming the Solana network with identical transactions in the hopes that one of them will get through.
