Coinbase Global Inc. (COIN) Scales Up Infrastructure to Support Faster SOL Transactions, Driving Price Surge

SOL/USD sustained its upward momentum Thursday overnight, as cryptocurrency exchange Coinbase Global Inc. COIN scaled up its infrastructure to support faster, smoother SOL transactions.

Solana (SOL) sustained its upward momentum Thursday overnight as cryptocurrency exchange Coinbase (NASDAQ:COIN) scaled up its infrastructure to support faster, smoother SOL transactions.

What Happened: Solana rose over 3% over the previous 24 hours, becoming the most successful among the top 10 cryptocurrencies by market capitalization. The rally came despite a 20% drop in trading volumes in the last 24 hours.

The sixth-largest cryptocurrency hit an intraday high of $135.91, its highest in nearly three weeks. Its weekly gains widened to 18.13%, outpacing Bitcoin (BTC) and Ethereum (ETH).

The latest spike comes after Coinbase upgraded its system, enabling a 5x improvement in transaction throughput, among other enhancements for Solana.

"These improvements enable faster, more reliable sends and receives, reinforcing our commitment to provide industry-leading performance and reliability for our users," the exchange said.

We've been hard at work scaling our @Solana infrastructure to be faster, more resilient, and more scalable.

We have upgraded our systems to:

• Process transactions asynchronously, leading to a 5x improvement in block processing throughput.

• Leverage bare metal machines for 4x lower latency and increased stability.

These improvements enable faster, more reliable sends and receives, reinforcing our commitment to provide industry-leading performance and reliability for our users.

The upgrades come after Coinbase encountered technical difficulties in March, which led to a temporary suspension of Solana deposits and withdrawals.

"We encountered some technical difficulties today that impacted Solana deposits and withdrawals. We're actively working to resolve the issue and will provide an update shortly," the exchange said at the time.

The company's engineers have upgraded Coinbase's internal Solana system to process transactions asynchronously, thereby increasing throughput by 5x. The exchange has also scaled up its architecture to handle peak loads and reduce latency.

"We have also upgraded our architecture to use bare metal machines, which provide 4x lower latency and increased stability for Solana transactions on Coinbase," the company added.

Meanwhile, Cathie Wood's Ark Invest increased its exposure to 3iQ Solana Staking ETF (TSX: SOLQ.U ), scooping an additional 475,000 shares of the newly launched investment vehicle in Canada.

Listed on the Toronto Stock Exchange, the ETF shares closed 0.87% higher at $10.43 on Thursday.

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Solana broke free from Bitcoin and Ethereum lag after the investment firm's flagship fund, Ark Innovation ETF (NYSE:ARKK), acquired 1 million shares of the ether-based DeFi protocol Aave (AAVE).

The post Solana Hits 3-Week High As Coinbase Scales Up Infrastructure For Faster, Smoother SOL Transactions appeared first on Benzinga.com.