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Market News

Solflare Wallet Implements Priority Gas Fees in Solana

The Solflare priority fees mechanism for the Solana network is currently active for in-wallet transactions as well as on the web and extension.

Written By Vismaya V
Published 2023-01-17
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Solflare Wallet Implements Priority Gas Fees in Solana

The popular wallet built for the Solana blockchain, Solflare, announced that Solana users can now pay higher gas fees to push through network congestion.

Solrise Finance co-founder Vidor Gencel tweeted “@solflare_wallet is the first to implement this in a user-friendly way! In-wallet transactions will automatically be prioritized with the current market price for fees, ensuring that your transactions are included faster than those in other wallets.” 

🚀 Priority fees are live in Solflare Web/Extension 🚀

Solflare will automatically detect whether the @solana network is under load & slightly increase fees to prioritize your transaction over others.

When it matters the most, your transactions will go through and be fast! 🤝 pic.twitter.com/4OGV4IvjxZ

— Solflare – The Solana Wallet (@solflare) January 16, 2023

Priority fees also contribute to the stability of a blockchain network by deterring users from repeatedly sending transactions to the Solana network in the hopes that one of them would be accepted.

Due to improper prioritization, users of other wallets might not be able to conduct transactions during periods of high network traffic.

Solflare will now automatically detect whether the Solana network is under load and slightly increase fees to prioritize some transactions over others. 

According to Gencel, the next stages include working with dApps to effectively prioritize their transactions and offering a safety feature in the wallet to prevent any misuse of the fee mechanism.

The Solflare priority fees mechanism is currently active for in-wallet transactions as well as on the web and extension. Priority fees for mobile and app users will soon be live.

Solana experiences network congestion most of the time as it tries to manage a spike in transactions. In September 2021, Solana experienced a 17-hour network outage which occurred due to resource exhaustion. The number of transactions was 400,000 transactions per second, which flooded the processing queue and led to a fork. 

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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