- Coinbase boosts Solana infrastructure with 5x faster throughput and 4x RPC gains to tackle surging memecoin-driven traffic.
- Solana sees a 23% weekly price surge as record-breaking onchain activity and meme coin trading fuel increased investor interest.
- Canada debuts first spot Solana ETFs with staking features while U.S. issuers await SEC approval for similar crypto-based funds.
Coinbase has upgraded its Solana infrastructure to meet surging transaction volumes. The improvements include a 5x increase in block processing throughput and a 4x boost in RPC performance. The crypto exchange achieved these gains using asynchronous transaction processing and bare metal servers. These enhancements aim to improve transaction speed and reliability for users.
Besides the technical upgrades, Coinbase introduced failover improvements, liquidity optimizations, and refined operational controls. These changes strengthen system resilience and ensure uninterrupted access to Solana-based services. Coinbase stated that it remains committed to providing top-tier performance, especially as Solana grows fast.
Previously, on January 21, Coinbase acknowledged transaction delays affecting SOL deposits and withdrawals. These issues were due to overwhelming demand, as transaction volumes increased to ten times the average. Consequently, users experienced long wait times. Coinbase quickly responded by scaling its backend systems and investing further in infrastructure.
The spike in activity came amid a memecoin trading frenzy on Solana. The trend gained traction after Solana’s market cap spiked over the inauguration weekend. President Trump and the First Lady released meme coins on the blockchain, intensifying interest. However, this only amplified a pattern that began earlier in January. On January 5, Solana’s onchain volume hit a record $3.79 billion with 4.5 million active addresses.
Moreover, Solana has surged 23% over the past week, outperforming most top 100 cryptocurrencies. According to CoinMarketCap, it trades at $133.32 with a market cap near $69.68 billion. This makes it the sixth-largest cryptocurrency by market value.
Canada Launches First Spot Solana ETFs
In a major development, Canada launched the first spot Solana ETFs on Wednesday. Issuers include 3iQ, Evolve, CI, and Purpose. Because of these ETFs’ staking capabilities, investors can profit from their holdings.
Additionally, American companies Bitwise and VanEck submitted applications to the SEC for comparable products. In 2024, spot ETFs for Ethereum and Bitcoin were approved. Applications now include assets like XRP, Dogecoin, and even Trump’s official Solana-based meme coin.
