Firedancer Launch Boosts Solana by 5% Amid Network Upgrade

Solana's network advanced as Firedancer, a validator client by Jump Crypto, began operating on the mainnet. The move from a testing phase to real-world validation prompted an approximately 5% increase in SOL, reaching near $140.

Firedancer Mainnet Launch

  • After over 100 days of testing, Firedancer produced more than 50,000 blocks without downtime.
  • Built in C and C++, it aims to manage heavy workloads and minimize network interruptions.
  • Test environments recorded processing capabilities of over 1 million transactions per second.
  • This performance is experimental, not indicative of everyday capability.

Solana co-founder Anatoly Yakovenko described this as moving out of a prolonged beta phase.

Early Adoption and Stake

  • Initial adoption is low, with under 1% of total staked SOL on Firedancer nodes. This is expected to grow.
  • Over 20% of validators shifted from older clients following the rollout, indicating rapid change among operators.
  • Running multiple validator clients provides a safety net against software bugs, mirroring other large proof-of-stake chains.

Validators and developers may benefit from improved capacity for high-transaction apps. The network's real-world load will indicate true performance.

Market Impact

  • The announcement saw $11 million inflows into Solana ETFs.
  • Bitcoin experienced $77.30 million outflows, while Ethereum had $42.35 million outflows.