Latest news with #Cavey
Yahoo
2 days ago
- Business
- Yahoo
Solana Handles 100K Transactions Per Second in Test Run: Here's Why It Matters
The Solana network briefly processed more than 100,000 transactions per second (TPS) in an on-chain experiment Sunday. That's more than 25 times the network's typical throughput, according to data gathered by the network's explorer. Solana already massively outpaces O.G. blockchain networks like Bitcoin and Ethereum on that front, but the Sunday peak beats Visa's own high mark of handling up to 65,000 transactions per second. The Solana validator operator behind the feat said that it showcases what's possible if continued technical developments and efficiency improvements make their way to the popular layer-1 blockchain. 'The main point I want to get across is that Solana needs more efficient programs and an efficient token standard,' pseudonymous validator Dr. Cavey PHD told Decrypt. Cavey's validator achieved a peak of 104,529 TPS on Sunday in what they called an experiment conducted on a 'whim.' However, unlike a typical Solana block filled with transactions like token swaps or meme coin launches, the experimental blocks instead were filled with 'votes, a few normal transactions, and a significant number of 'no-op' transactions,' or those that don't require much computation. Nevertheless, if extrapolated out and handled with more efficient programs and token standards, Cavey believes the network could process approximately 100,000 token transfers per second—or 10,000-20,000 swaps in its current state. With such programs and token standards in place, they said, Solana can become the foundational infrastructure for on-chain markets that it aims to be. 'High capacity enables the world's markets to all be on-chain,' said Cavey. 'Without the capacity, we can only ever hope to support a handful.' Solana's real-time throughput is around 3,600 TPS at present time, according to the block explorer on For comparison, competing network Ethereum's real-time mark is around 20.7 TPS, according to data from Etherscan—around 170 times slower than Solana. Why is it so important that Solana can achieve 100,000 TPS? 'It's important insofar as it demonstrates that the network can clearly scale over an order of magnitude more than the current utilization, which is already several orders of magnitude over most blockchains,' Multicoin Capital Managing Partner Kyle Samani told Decrypt. 'It means that Solana is ready to support web-scale applications today.' 'This enables more activity to come on-chain,' Mert Mumtax, CEO of Solana infrastructure firm Helius Labs, told Decrypt. 'More finance, more oracle updates, more market-making, etc. And of course: lower fees for users.' Developers too stand to gain, according to Samani, who added that major throughput gains 'opens up an entirely new design space for transaction-heavy applications.' How Solana Is Evolving to Power Internet Capital Markets In July, a blog post authored by leading Solana stakeholders (including Samani) outlined a technical roadmap designed to make Solana the home of the world's best financial markets, with improvements scheduled regularly for the next few years. But according to Cavey, major throughput improvements like those showcased in their experiment could be here even sooner. 'Three months at best,' the validator said, 'six months at worst.' Sign in to access your portfolio
Yahoo
25-03-2025
- Business
- Yahoo
JEA electric and irrigation customers face steep rate hikes
The JEA Board of Directors will vote Tuesday on a series of steep rate increases over the next two years, most notably targeting electric and customers who water their lawns. >>> STREAM ACTION NEWS JAX LIVE <<< [DOWNLOAD: Free Action News Jax app for alerts as news breaks] Homes that use potable (drinking) water for irrigation, will see a massive 50% increase per month that the utility says impacts about 33,000 of its approximate 500,000 customers. The utility is also proposing a combined increase for all customers for electric and water usage of $16.03 per month - $4.61 in 2025 and $11.42 in 2026. Electric bills could increase even more because JEA's electric usage estimate of 1000 kWh per month is less than the actual average of 1060 kWh per household to go along with a new more expensive second tier for electric. Finally, the utility is narrowing Tier 1 irrigation usage from up to 14,000 gallons to 7,000 gallons, which will likely push customers into more expensive Tier 2 rates. The utility says it is raising rates in part because of its multi-billion dollar two-decade commitment to buy electricity from Plant Vogtle in Georgia which has become a burden to the utility and ratepayers which current CEO Vickie Cavey appeared to have played a role. Action News Jax Ben Becker first reported in 2024, Cavey's resume from 2001-2012 said she was 'responsible for negotiation and management of all power purchase agreements' for JEA, which suggests the inclusion of the Plant Vogtle contract that did not have a cap to hedge against various market forces. The project turned out to be seven years behind schedule and will cost JEA customers approximately $5 billion. Cavey's hiring as interim CEO in April 2024 led to an Office of Inspector General Investigation regarding possible Sunshine Law violations by the board which the State Attorney's office later determined there was no criminal conduct although the whistleblower told Becker it was a 'B.S. cover-up job.' In February, Cavey received a raise to $700,000 per year after becoming the full-time CEO. Under Cavey, the utility has agreed to increase its yearly contribution to the City of Jacksonville by more than $120 million over the next five years as well as pick up $32.5 million of the costs to raise power lines over the St. Johns River to help JAXPORT attract larger ships – both moves that received push back from former CEO Jay Stowe before he resigned under pressure [SIGN UP: Action News Jax Daily Headlines Newsletter] Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
