Solana prepares for financial market integration with 'Firedancer' test

• Solana is advancing Firedancer testing to increase transaction speed and improve network stability.

• The Solana Foundation uses incentives to encourage testers to adopt Frankendancer on the test network.

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Solana is working to implement Firedancer software updates to improve the speed and stability of the blockchain at the heart of the network. Key developers expect to get a “super majority” of the hashrate on the test network with Frankendancer, an early version of Firedancer, by the end of the week.

This is the largest test of Firedancer to date, proving its value to the Solana architecture. First used in 2022 due to network stress, Firedancer is expected to increase the throughput of the blockchain to one million transactions per second.

Frankendancer, which incorporates the features of Firedancer along with the Solana architecture, is not easy to adopt. At first, there were many crashes and bugs on the platforms, but the last issues were fixed, which makes the development process reliable.

House of Kollen, a longtime platform tester, sees the current efforts to advance the project as a step in the right direction for Firedancer. “The courage to ask for 60% adoption on the testnet shows maturity,” The house said.

Currently, 30% of testnet testers are using Frankendancer. The Solana Foundation has encouraged test takers to transfer to the new client through the ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​legacy​ program​ If testers don't update their systems, they could lose their committed commitments.

The potential impact of Firedancer

Jump Crypto has created Firedancer, a trading company focused on blockchain technology. The speed of Solana, several times higher than current blockchain platforms, defines it as a key participant in the competition to connect the blockchain to the global financial system.

This is due to Solana's problems in 2022, including network slowdowns and some outage issues. Firedancer aims to solve these problems while increasing the reliability and capacity of the network. Even though Frankendancer's launch date has not yet been set, its progress is significant.

The Solana network also maintains the decentralized model, where there are hundreds of validators throughout the network. Although this release increases security, it is difficult to update the entire system. The Solana Foundation has also had a delegation program where they subsidize smaller testers who are also able to upgrade their systems in this way.

Solana Market Challenges

Nevertheless, Solana is dealing with the market situation even with the availability of technology. The digital currency hit an all-time high of $263.83 on November 23, 2024, and investors believed that the price would soon break the $300 ceiling. However, SOL is currently trading at $191, reprovides 24 hours 3% market downturn.

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Today, Solana's exchange rate has risen against the chart. After it fails through a critical resistance level, a decline to $190 or $188 is possible. However, the technical indicators suggest that a rebound at these levels could help avoid sharp selling pressure.

The MACD indicator shows that selling pressure is slowing down, which is in conjunction with the possibility of a bullish bounce. However, if the price starts selling pressure, the probability of a bearish crossover could trigger a bearish target below 190.

Other criteria reflect these challenges. TVL Solana has decreased by 4.5%, and the monthly income has fallen to $12 million from $1.13 million in November. This decline is due to a 50% decrease in daily trading activity and increased competition from other blockchains.