Crypto exchange Coinbase has improved its infrastructure to better support the Solana ecosystem following complaints from users. The largest U.S. exchange has built out support for faster transaction processing times, improved liquidity and better failsafes.
"These improvements enable faster, more reliable sends and receives, reinforcing our commitment to provide industry-leading performance and reliability for our users," Coinbase wrote in statement. "We are continuing to invest in our Solana infrastructure so we can meet demand as Solana scales into the future."
These developments include asynchronous transaction processing to see a five-fold improvement in block processing throughput, four-fold improvements to the remote procedure call (RPC), failover augmentations to bolster resilience, optimizations to liquidity and improved operational controls, Coinbase Platform wrote on the social media platform X Thursday.
In January, Coinbase vowed to improve its Solana infrastructure after users experienced delays — sometimes for hours — with withdrawing or depositing SOL.
"Coinbase has seen unprecedented Solana transaction activity ... and our systems have been unable to validate and process transactions at the speed that we are receiving them," Coinbase Support wrote on X on Jan. 21, adding that transaction volumes at the time were 10-times above normal operations.
Solana had been experiencing high transaction volumes largely due to widespread memecoin trading. Solana's market cap spiked on the weekend leading up to Inauguration Day, when the incoming president and first lady issued memecoins on the blockchain.
But even before Trump's token launch, memecoin trading volume had been driving Solana's overall onchain trading volume and fees to record highs weeks prior, The Block previously reported. On Jan. 5, Solana saw its all-time high of $3.79 billion in onchain volume with around 4.5 million active addresses.
Solana is the third largest cryptocurrency according to its market capitalization of $69.4 billion, according to The Block's SOL price page. The token traded at $134.44 and drew in about $5 billion in trading volume in the past 24 hours.
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