Solana Fails to Process a Record 75% of Transactions
Currently, 75% of transactions on the Solana network fail due to the hype surrounding memecoins and the influx of bots.
Data from Dune Analytics showed that as of April 4, Solana was unable to process more than 75% of all transactions, the highest ever. This comes amid increased activity around memecoins, however not everyone agrees with this statement.
The Solana network currently has a non-vote transaction failure rate of 76.8%, according to @scarn_eth Dune data. Because many bots engaging in arbitrage generates spam transactions. Solana foundation said a patch will be released soon. https://t.co/UtfGHsgPHO pic.twitter.com/Bx4VKZJTBb
— Wu Blockchain (@WuBlockchain) April 5, 2024
The data from the analytics company followed at the same time as growing concern from Solana users on social media, who complained of a deteriorating user experience. And some of them said it was due to an influx of bots and didn't see it as a big problem.
The CEO of Helius Labs criticized the method of using failed transaction data to evaluate network performance. He believes that this distorts the real user experience, as 95% of the failed transaction graph is made up of bots trying to make a failed arbitration.
there is a stat going around CT about failed transactions on Solana
— mert | helius.dev (@0xMert_) March 24, 2024
it is misleading and 90% of the people using it don't know what it means
I will explain (for non-technical folks only)
first, an example of how a usual interaction in web2 works:
- you go on twitter and click… pic.twitter.com/SBcZRDOkD5
He also suggested that the upcoming 1.18 Solana network update will not fix this problem and people will continue to face a degraded user experience.
There is also speculation that the problem that has arisen is due to increased activity on the blockchain due to the current bull cycle, as Solana has been experiencing too many memecoin launches recently. Trust Wallet CEO stated that Solana is being tested by the pressure of the bull cycle.
I saw many user questions around #Solana transaction is pending/failed - Bull market pressure test is still too real. 75% failure rate. pic.twitter.com/iASTpBOhLD
— Eowync.eth (@EowynChen) April 5, 2024
Anatoly Yakovenko, co-founder of Solana, confirmed the issue and said that the congestion problem is much more difficult to fix than a complete network failure. According to him, it takes longer to fix congestion bugs.
dealing with congestion bugs sucks so much more than total liveness failure. the latter is one and done, bug is identified and patched and chain continues. the former has to go through the full release and test pipeline. shipping fast is impossible 😭😭😭
— toly 🇺🇸 (@aeyakovenko) April 5, 2024
Over the past 24 hours, the Solana price has declined by 7%. The price of the coin continues its downward movement. Meanwhile, a growing number of social media users are saying that they have to use Cardano instead of Solana because of transaction delays. They call the experience of using Solana brutal.
Around 75% of Solana transactions failing.
— Dan Gambardello (@cryptorecruitr) April 4, 2024
Let me start by saying to be 100% fair, I was trading a newly launched token the other day on Cardano, and the transactions took longer than I would have liked there as well.
All these chains have a ton of progress to be made.
While… pic.twitter.com/aSBSzfBqfe
Anatoly Yakovenko Trust Wallet
