The Solana blockchain is currently going through a period of turmoil as data shows over 75% of user transactions on the network currently failing.
According to CoinTelegraph, the Solana network appears to be struggling with a heightened increase in demand for memecoins leading to about three quarter of user transactions on the network failing.
The 75% fail rate of user transactions is a personal record on the Solana network.
Dune Analytics data shows that on April 4, just over 75% of all “non-vote” Solana transactions failed, the highest failure rate on record. The ongoing failure in user transactions was characterized by an increased outburst by Solana users on social media on the issue.
A pseudonymous trader Altcoin Sherpa posted on X that while he still believed Solana would cement itself as the blockchain network for retail adoption, he noted that the current user experience was currently less than ideal.
In Response, Mert Mumtaz, a vocal proponent of Solana who is also the CEO of Helius a developer platform that helps Crypto applications build on Solana replied that the vast majority of failed non-vote transactions were simply “bot spam. “He disputed the data that over 75% of user transactions were failing on the Solana Network.
- “This is usually not a big problem for users because your wallet will simulate the [transaction] and let you know that it will not work beforehand anyway,” he said.
- “About 95% of that entire chart is just bots failing arbitrage attempts,” he added.
Finally, he added that a Solana network upgrade might not fix issue hinting that User experience on the network might remain like this for a while.
Solana CEO Anatoly Yakovenko took to social media to highlight his frustration at the process of improving congestion bugs on the network.
- “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,” wrote Yakovenko in an April 5 post to X.
Solana Price dropped by 3% in the last week after a 45% bull run in the last month. The current price is currently $170.
Recommended reading: Solana is shining despite the much-anticipated Bitcoin’s halving
What to Know
- Solana memecoins are one of the most popular and highly sought after memecoins in the Crypto industry. The surge in demand for the memecoin might be part of the reason for the 75% fail rate in user transactions.
- Solana is the fifth largest cryptocurrency by market capitalization commanding a total value of $81 billion.
- According to its Official website, Solana has a capacity of processing 65,000 transactions per second for simple transactions like sending money from one place to another. Complex transactions might take more time.
