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Solana is designed to be widely accessible, featuring energy efficiency, lightning speeds, and low costs. Currently, Solana token SOL holds the 5th position in market capitalization, following closely behind BTC, ETH, USDT, and BNB. It gained wider traction in the last quarter primarily owing to memcoins mania and airdrop farming. Solana’s TVL rose 181% in the last 3 months to $3.83 billion, and its spot DEX volume soared 319% to $1.5 billion. Overall projects on Solana raised $89.2 million in Q1, surpassing 2023’s total.
Ongoing improvements are essential for the continued advancement of blockchains. Recognizing this need, Solana has introduced two updates: SIMD 0083 and SIMD 0133. In this blog, we will explore why these updates are important for Solana and provide examples to make their understanding easy.
Understanding SIMD 0083
SIMD 0083 seeks to change a rule in Solana’s blockchain that currently rejects entire groups of transactions if any conflicting actions occur within them. Conflicting actions are like two cars trying to occupy the same parking spot simultaneously. Solana wants to modify this rule so that instead of rejecting the entire group, it processes conflicting actions one after the other, similar to cars taking turns at a traffic light.
Impact on Solana Blockchain:
1. Simplifying Transactions: By allowing conflicting actions to be processed sequentially, Solana makes it easier for transactions to proceed smoothly, reducing the chances of rejection and delays.
2. Enhancing Flexibility: This change provides more flexibility to developers and validators working on the Solana blockchain. It allows them to manage transactions more efficiently and adapt to varying conditions.
3. Future Improvements: While this proposal focuses on immediate benefits, it’s also part of a broader strategy to make Solana faster and more efficient over time.
Example: Assume that you are in a grocery store with only one checkout counter. Currently, if two customers try to check out at the same time, the whole line gets stuck. With SIMD 0083, the cashier would process each customer’s items one after the other, ensuring a smoother flow of transactions.
Understanding SIMD 0133
Another significant enhancement to the Solana blockchain is SIMD 0133. This proposal introduces a new feature that allows on-chain programs to access vital information about the stake delegated to specific validators.
Think of SIMD 0133 as a new tool that gives programs running on Solana’s blockchain the ability to see how much support each validator has from staked tokens. This information is crucial for making decisions about validator governance and ensuring the security and stability of the network.
Impact on Solana Blockchain
1. Empowering Governance: By providing access to information about Staking, Solana enables more effective governance processes related to validators. This includes decisions about validator operations, rewards distribution, and protocol upgrades.
2. Enhancing Security: Visibility into delegated stakes allows for the implementation of secondary consensus mechanisms, making the Solana network more secure and resilient against potential threats.
3. Supporting Future Features: SIMD-0133 lays the groundwork for supporting upcoming protocol enhancements, such as the Feature Gate program. This program aims to introduce new features to Solana, further enriching its functionality and capabilities.
Example: Imagine you are part of a fundraising campaign for a charity, and you can now see how much each volunteer raises in donations. With this information, you can better coordinate fundraising efforts, ensure transparency in financial management, and even introduce new initiatives to maximize donations for important causes.
Conclusion
SIMD 0083 and SIMD 0133 mark notable progress in the Solana blockchain’s pursuit of efficiency, and adoption. These initiatives not only tackle current obstacles but also lay the groundwork for future improvements, positioning Solana as a more resilient platform for both investors and developers. It’s essential to understand that the updates have not yet been put into action. The Solana team has acknowledged them as adequate for all clients to adopt, but the actual implementation is expected to occur in the coming months.
