- The Solana network is grappling with a significant failure rate in its transactions, with approximately 75% of non-vote transactions failing, according to Dune Analytics.
The Solana network is grappling with a significant failure rate in its transactions, with approximately 75% of non-vote transactions failing, according to Dune Analytics.
The surge in transaction failures has caused frustration among Solana users, who have taken to X to express their complaints about failed transactions and a deteriorating user experience.
However, Mert, CEO of Helius and a vocal advocate for Solana, contested the claim that 75% of transactions were failing.
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 argued that most failed non-vote transactions were actually “bot spam,” which doesn’t significantly impact users since wallets simulate and notify users of potential failures beforehand.
See Also: SushiSwap Faces Backlash Over Proposed Governance Changes
Mert estimated that about 95% of the chart represented failed arbitrage attempts by bots.
He also pointed out that increasing transaction priority fees wouldn’t address the issue because the spam activity occurs before the scheduling process.
Networking patches are needed to resolve these issues, and they are expected to roll out soon.
The recent transaction failures have occurred on the back of an explosive surge in meme coins trading activity, which saw numerous launches like Book of Meme and Slerf rallying to valuations of hundreds of millions.
However, SOL, the native cryptocurrency of Solana, experienced a 5.7% decline in the past week amidst a wider market decline.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
#Binance #WRITE2EARN
