Solana congestion issue caused by ‘too much demand’ – devs working on fix without ‘sleeping much’

BPyM...yr18

11 Apr 2024

Solana Labs head of communication Austin Federa said developers from across the ecosystem are involved in concerted efforts to improve the platform's networking stack
Assad Jafri
Apr. 10, 2024 at 11:46 pm UTC
2 min read
Updated: Apr. 11, 2024 at 12:00 am UTC
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Solana (SOL) core developers are working around the clock on a fix for the recent congestion issues on the network following an unprecedented surge in demand.
Solana Labs head of communication Austin Federa said developers from across the ecosystem are involved in concerted efforts to improve the platform’s networking stack and resolve the issues that have caused a large number of transactions to fail on the network over the past few days.
Anza, Firedancer, Jito, and other core contributors are focusing on resolving the issue that has sparked significant discussion within the tech community. Developers are looking to deploy a fix on April 15.

Root cause

According to Federa, the root of the congestion lies in the network’s infrastructure. Specifically, the implementation of the QUIC protocol is not robust enough to handle the increased traffic.
Solana previously faced scalability challenges in early 2022, leading to a series of enhancements. However, the network did not anticipate the rapid increase in demand that recently transformed its capacity from “adequate but needing improvement” to “inadequate.”
Some describe the situation as a “failure of success,” highlighting the unexpected rate of growth and the planning challenges it presents.
The introduction of Firedancer, Solana’s first independent validator client implementation, marks a key upgrade. This development involves a near-complete rewrite of the networking stack.
Federa stressed the importance of balancing the introduction of new features with the necessity of maintaining and improving the network’s core functionality.

Solutions

In addressing potential solutions, Federa stated that the team is working to increase transaction per second (TPS) rates and, if necessary, to raise fees as a last resort to deter spam. The preferred approach is to develop methods to filter out spam without relying on fee adjustments.
The community’s reaction to the congestion has been mixed. While some users express concern over the network’s performance, others view the high traffic volume as a sign of Solana’s popularity.
The congestion issues have caused Solana to fall out of the top 3 cryptos by market cap as its price slid to a low of $162 from a local high of $210 over the past few days.
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EU watchdog warns of high concentration in crypto markets, notes minimal euro usage

According to ESMA, the industry is dominated by a handful of cryptocurrencies, exchanges and fiat currencies.
Mike Dalton
Apr. 10, 2024 at 10:24 pm UTC
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Updated: Apr. 10, 2024 at 10:24 pm UTC
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The European Securities and Markets Authority (ESMA) warned that crypto markets are highly concentrated on April 10.
ESMA said concentration is a concern because a single asset or exchange failure could broadly impact the crypto ecosystem.
According to the agency’s findings, market capitalizations and trading volumes are “significantly concentrated” in a small number of assets across the crypto market.
Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) accounted for 74% of the crypto market cap in December 2023 and made up more than half of 2023’s annual trading volume.
Exchanges also demonstrated concentrated trading volumes, as just 10 platforms handled 90% of trading. Binance alone accounted for about half of all trading volume, though its dominance fell to 40% by December 2023 and has been on a steady decline overall since December 2022.
ESMA warned that individual cryptocurrencies are highly interconnected and show strong price correlations with each other. Furthermore, it described a positive correlation between crypto and equities, demonstrating risk plus a lack of a stable relationship with gold.
The agency said it does not consider crypto an effective “safe haven” in light of its analysis.

The EU perspective

Specific findings are particularly relevant to the EU’s regulatory activities. Of the 20% to 30% of crypto transactions involving fiat, 80% involved the US dollar or South Korean won. The euro played a “minor role,” accounting for about 10% of fiat transactions.
The euro’s involvement in fiat-crypto transactions did not increase even after the EU adopted the Markets in Crypto-Assets (MiCA) regulation in June 2023. However, ESMA said that MiCA rules could “constitute a potential growth driver” when implemented this year.
Exchange location is another issue. Although 55% of transactions occurred on exchanges with an EU Virtual Asset Service Provider (VASP) license, many of the same transactions occurred outside of the EU. About half of crypto trading volumes take place on exchanges based in tax havens, while Europe-based exchanges trading volume is almost non-existent.
ESMA said that MiCA will address location-related matters through disclosure requirements, improving transparency even as crypto exchanges expand to new jurisdictions.
The agency said that its research broadly “supports the implementation” of MiCA.
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CV Pad to Open Doors to the ‘Real’ World of Crypto, Says Co-Founder Florian Kohler

How CV Pad intends to lead the launchpad landscape and redefine the venture capital model within the Web3 ecosystem
Published Apr. 10, 2024 at 10:15 pm UTC
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In Web3, the journey from an innovative idea to a successful venture is often fraught with challenges. At the heart of this journey lies the critical need for support, funding, and strategic partnerships. Enter Florian Kohler, the co-founder of CV Pad, a visionary platform aiming to redefine the venture capital model within the Web3 ecosystem. With a rich background in media & entertainment and firsthand experience in the highs and lows of blockchain entrepreneurship, Kohler brings a unique perspective to the table. CV Pad, through its unique approach and strategic partnerships, aims to democratize access to early-stage Web3 ventures. In an exclusive interview, Florian Kohler sheds light on the ethos driving CV Pad, the intrinsic value it offers to the Web3 community, and the ambitious vision for a more inclusive future in venture capital.

Q1: Can you share the journey that led you to found CV Pad?

Absolutely. My journey leading to the founding of CV Pad is a testament to a successful corporate career, perseverance, adaptation, and a deep-rooted belief in the utility of Web3 technology. Having forged a path through the corporate realm, Executive Production at Swiss National TV, and being CEO of a prominent Swiss sports organization with over a thousand employees, I transitioned into the world of Web3 seven years ago, bringing my commercial ability, consistent approach, and open-mindedness. I began by immersing myself in learning everything I could and investing in projects. I also initiated a pioneering Web3 startup focused on social tokens – the tokenization of artists, sporting, and other social and human attention leisure pursuits. While our efforts were met with industry enthusiasm, we faced the inevitable challenges of being ahead of our time, ultimately experiencing setbacks. Nevertheless, our accomplishments, such as securing partnerships with major players in the music industry and captivating Hollywood’s attention and a tidal wave of global media coverage underscored the potential within reach.
I found a new avenue for my vision by becoming an investor in CV VC, a unique blockchain technology VC, and accelerator of projects. Recognizing the need to enable everyone, not just accredited investors, to benefit from the unique opportunity of Web3, I saw an opportunity to create that conduit through CV Pad. CV Pad symbolizes democratized access to Web3 startups – opening the door that serves as an entry into the “real” world of crypto. It is the nexus where venture capital expertise meets the transformative landscape of Web3, fostering connectivity and opening participation to all, on a global scale.
My conviction in the success of CV Pad stems from a combination of factors: an exceptional team, robust partnerships, and an expansive network spanning the globe. Moreover, our approach, centered around the innovative Launchpad+ concept, sets us apart, offering a comprehensive solution of VC expertise, startup acceleration, ‘go-get’ community energy, and solid partnership so that the evolving Web3 ecosystem thrives. In essence, CV Pad blends what needs to be combined to be successful! Best of all, the amount of growth and support CV Pad has seen before even launching has been unfathomable.

Q2. How does CV Pad identify opportunities in the crypto market?

At CV Pad, we deploy a multifaceted approach to identifying strong opportunities. It’s a 24/7 process of study where we track trending narratives, whilst identifying base strengths that will deliver utility to investors and in turn to users of the project offerings.
We do this by constantly connecting with technology professionals and visionary corporates using Web3 all over the world. CV VC has invested in companies from across 21 countries and CV Labs has hubs in hotbeds such as Berlin and Lisbon, where many of the tech builders converge. CV VC also has an African fund and a full team on the ground working with many of the protocols across that continent. We are very strong in Asia and China, too. We have a decentralized online network of deeply connected pioneers, thinkers, and doers and then we have the expert community gurus at DuckDAO. Being actively involved with many boots-on-the-ground communities across the world gives us an edge in finding boundary pushers, leaders, and projects early and supporting founders from day 1. CV Pad is an orchestra of many gifted players!

Q3: For potential $CVPAD token holders, what intrinsic value and benefit does it offer?

$CVPAD is not just another token – it is the CV Pad ecosystem’s utility token and the key to unlocking a whole range of benefits. As a $CVPAD holder, you’re not just holding a token; you’re gaining access to CV Pad’s ecosystem perks.
Think of it like this: the more $CVPAD you hold, the more you’re rewarded. We’re talking about higher participation limits, exclusive tier-based alpha channels, and early access to product releases. It’s all designed to provide tangible value to holders and build a vibrant and engaged community around $CVPAD.
In my view, $CVPAD isn’t just about perks. It embodies our view on the web3 VC landscape. Just as anyone can hold $CVPAD, anyone should be able to partake in early-stage projects. We want to break down the barriers, making wealth creation and capital raising more inclusive for everyone involved.
So, when you hold $CVPAD, you’re not just holding a token – you’re part of a movement toward creating opportunities in building projects with the potential to change the game. That’s the vision driving $CVPAD, and we’re excited to drive it forward.

Q4: How do CV Pad’s partnerships with industry leaders and Web3 innovators support the evolution of the platform?

There is a proverb that says, ‘It takes a village to raise a child’. The idea is that a child’s upbringing and development are not solely the responsibility of one individual or family, but rather the entire community plays a role in nurturing and supporting them. This philosophy is something we have taken to heart at CV Pad, and our partner network is key to ensuring the projects that launch through CV Pad are “Raised” the right way – set for success and ready to take on the world. For us, it’s important that when we launch a project they are ready to man the reigns, and through our partner network we are giving our cohorts best-in-class support, from tokenomics to distribution.

Q5: From the perspective of early-stage Web3 ventures, what unique advantages does CV Pad offer through its ecosystem and partnerships, and how do these contribute to the success of these projects?

To projects that are looking to engage with a launchpad, I would say CV Pad stands out for the unique advantages of our experienced set of ecosystem partnerships. First and foremost, we’re building on a legacy of success. Our collective track record speaks volumes, with an impressive average 35x multiple on project launches. This isn’t just about numbers; it’s a testament to our deep-rooted commitment to ensuring projects get the most impactful support on the market. Our partnerships with tier 1 service providers put projects in great hands, allowing them to focus on other aspects of their business.
Our core collective is made up of CV VC, CV Labs, and DuckDAO. CV VC brings unparalleled investment experience and insights, having identified and nurtured 70 blockchain teams. Meanwhile, CV Labs provides world-class incubation services, serving as a fertile ground for the growth of Web3 startups. DuckDAO is a true pioneer in democratizing early-stage participation empowering community members to have a voice and a stake in groundbreaking projects.
Together, we form the foundation of CV Pad’s ecosystem, offering early-stage Web3 ventures not just funding, but also invaluable expertise, resources, and community support. It’s this comprehensive approach that I believe will contribute to the success of the projects we support, propelling them toward their full potential.

Q6: How do you envision CV Pad’s future in blockchain innovation, and what message do you have for both aspiring entrepreneurs and investors within the Web3 ecosystem?

In my opinion, the development of blockchain is going to enrich experiences and provide value across every industry imaginable, and as such, CV Pad wants to be a part of that future by supporting and nurturing the startups that will bring this change. To borrow from what Steve Jobs said “The people who are crazy enough to think they can change the world are the ones who do”, the team at CV Pad envisions that CV Pad will change the world by enabling everyone to participate. And, in the spirit of Nike, we are on a fast-paced run to ‘Just do it’. Our message is simple, let’s just do this crazily brilliant stuff together for the greater good of both founders and those who wish to participate in the best projects.

CV Pad, a Launchpad with founders at heart.

As our conversation with Florian Kohler comes to a close, it’s clear that CV Pad stands at the forefront of a paradigm shift in venture capital, utilizing blockchain to further progress the industry. By leveraging an extensive network of industry partnerships and a token that encapsulates the platform’s value, CV Pad is fostering a community where anyone can contribute to and benefit from the success of Web3 ventures, whilst giving founders a true shot at long-term business success. Kohler’s journey from the corporate world of media and sports to the cutting edge of blockchain reflects a broader narrative of evolution and adaptability in the face of technological change. CV Pad represents a beacon of opportunity, a chance to be part of the projects shaping our digital future.
As the Web3 landscape continues to grow, CV Pad’s holistic approach is rooted in inclusivity, support, and shared success. It intends to lead the way in discovering and nurturing the blockchain innovations of tomorrow. Join the movement towards a more democratized, accessible, and innovative future with CV Pad.
Visit the CV Pad website to learn more about the $CVPAD token and how you can participate in shaping the next wave of technological innovation.
For more information about the upcoming launch of the $CVPAD token, make sure to follow CV Pad on X (Twitter) and apply for the token whitelist.

About CV Pad

CV Pad is a Launchpad+, aiming to take projects through their TGE with a suite of services from tokenomics support to distribution and marketing, with the support of their global network of partnerships. It is a collective: DuckDAO, CV VC, and CV Labs, that utilizes its wealth of experience in web3 and traditional venture capital to not only support projects but also provide vetted, curated picks for launchpad investors.