Recent data from Dune reveals that approximately 75% of non-vote transactions on the Solana network failed on April 4, marking the highest failure rate recorded. This surge in transaction failures coincides with a period of increased activity driven by the memecoin frenzy on Solana.
Users on social media platforms have voiced complaints about transaction failures and a deteriorating user experience. Altcoin Sherpa, a pseudonymous trader, expressed optimism about Solana’s potential for retail adoption but acknowledged the current challenges users face, describing the experience as “brutal.”
“As much as I think that $SOL is the chain for retail this cycle… the experience is f****** brutal lately.”
However, Solana advocate and Helius CEO Mert Mumtaz contested the interpretation of the data, arguing that the majority of failed transactions were due to “bot spam” attempting arbitrage. Mumtaz emphasized that failed transactions primarily affect bots and don’t significantly impact regular users, as wallets typically notify users of potential transaction failures beforehand.
there is a stat going around CT about failed transactions on Solana
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
— mert | helius.dev (@0xMert_) March 24, 2024
He cautioned against relying solely on the failed transactions chart to assess user impact, suggesting that congestion issues stem from bot activity rather than user transactions. Mumtaz indicated that increasing transaction priority fees might not resolve these issues and expressed skepticism about the forthcoming Solana network upgrade’s ability to address congestion effectively.
Solana CEO Anatoly Yakovenko shared his frustration with addressing congestion bugs on the network, highlighting the challenges in the process compared to addressing total liveness failures. Despite efforts to improve the network, Yakovenko acknowledged the difficulty in shipping updates promptly.
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
Meanwhile, the price of Solana’s SOL token has experienced a slight decline over the past week, following a recent rally. Despite this setback, Solana remains one of the top cryptocurrencies by market capitalization, according to CoinGecko.
In summary, Solana is grappling with high transaction failure rates attributed to increased bot activity, posing challenges for users amid the memecoin craze. Efforts to address congestion issues are ongoing, but the network’s resilience and long-term viability remain in focus.
