As SOL, the native cryptocurrency of Solana, approaches its all-time high of $260.06, efforts to enhance the network’s transactions per second (TPS) have been disclosed by Mert Mumtaz, CEO of Helius, a Solana infrastructure provider. Mumtaz stated that the network’s TPS could increase 1,000x via a planned upgrade.
In a post on X (formerly Twitter), Mumtaz noted that his team initially tried to keep the development low-key, but the booming market led to the revelation. The Helius executive confirmed that his firm is developing a performance optimization system expected to send the protocol’s TPS skyrocketing. Solana currently supports 65,000 transactions per second.
the moment is here
I’ve tried to keep quiet about this, but we’ve been working on a new system BTS for Solana that has shown promise in testnet to scale TPS by 1,000x (!), while not making any core breaking changes
I’m excited to finally reveal it: https://t.co/daQdYzzJXJ https://t.co/U5gObleisI
— mert | helius.dev (@0xMert_) November 12, 2024
The Helius team achieved a 1,000x surge in TPS during testing on the Solana testnet without making significant changes to the blockchain’s core. Solana’s roadmap lists “increasing bandwidth” and “reducing latency” as key goals. If successful, the native token SOL could see a substantial price boost.
Read also: Solana’s Liquid Staking Surges to $5.67 Billion Market Cap, JitoSOL Leads the Way
Solana flipped BNB earlier this month and claimed the 4th place in the digital asset space with a market cap of a whopping $103 billion. Meanwhile BNB is ranked 5th with a valuation of $93 billion.
SOL’s Recent Price Surge
SOL has delivered consistent gains since Bitcoin turned bullish following the election of pro-crypto candidate Donald Trump. CoinMarketCap data shows SOL rising 3.13% in the past 24 hours, with trading volume increasing 26.76% to $11.32 billion.
The token has surged 34.27% over the past week, 47.26% in the last 30 days, and 268.02% since November 2023. Currently 15.48% below its record high of $260.06 from November 2021, SOL appears likely to achieve a new all-time high before the year ends.