{"id":3276,"date":"2024-04-05T06:13:09","date_gmt":"2024-04-05T06:13:09","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/04\/05\/meme-coins-push-solana-to-limit-77-failed-transactions\/"},"modified":"2024-04-05T06:13:09","modified_gmt":"2024-04-05T06:13:09","slug":"meme-coins-push-solana-to-limit-77-failed-transactions","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/04\/05\/meme-coins-push-solana-to-limit-77-failed-transactions\/","title":{"rendered":"Meme Coins Push Solana to Limit: 77% Failed Transactions?"},"content":{"rendered":"
\n

The Solana<\/a> network is currently under stress, struggling to process the flood of transactions driven by the recent meme coin frenzy.<\/strong><\/p>\n

Consequently, this has raised concerns about the network\u2019s ability to handle such intense activity levels. Amid this surge, the blockchain\u2019s performance is put to the test.<\/p>\n

Are Solana\u2019s 77% Transactions Failing?<\/h2>\n

Recent data from Dune<\/a> Analytics shows that on April 4, over 77% of \u201cnon-vote\u201d transactions on Solana did not succeed. This represents the highest failure rate ever recorded for the network. <\/p>\n

The failure comes amidst the heightened activity on the blockchain due to the current bull cycle. Also, there have been frequent meme coin launches on the Solana blockchain<\/a>.<\/p>\n

\n

\u201cI saw many user questions around Solana transaction is pending\/failed. The bull market pressure test is still too real. 75% failure rate,\u201d Trust Wallet<\/a> CEO Eowyn Chen said<\/a>.<\/p>\n<\/blockquote>\n

Read more: 13 Best Solana Meme Coins to Watch in 2024<\/a><\/strong><\/p>\n

\"Solana
Solana Failed Non-Vote Transaction Share. Source: Dune<\/a><\/figcaption><\/figure>\n

In contrast, Mert Mumtaz, CEO of Helius and a staunch supporter of Solana, challenges this perspective. <\/p>\n

\n

\u201cAlmost all failed transactions you see on these charts are bot spam,\u201d Helius Labs CEO argued<\/a>.<\/p>\n<\/blockquote>\n

According to him, this does not largely affect regular users. Most wallets, he points out, preemptively simulate transactions. This process prevents users from executing transactions that are likely to fail.<\/p>\n

Furthermore, Mumtaz criticizes the method of using failed transaction data to evaluate the network\u2019s performance. He believes it misrepresents the actual user experience. In his view, 95% of the failed transactions chart consists of bots attempting unsuccessful arbitrage.<\/p>\n

Additionally, Mumtaz explained that the spam activities occur before the scheduling of transactions. Therefore, increasing transaction priority fees would not be a solution. He warns that raising fees excessively could lead to financial wastage for users.<\/p>\n

Amid these technical debates, Anatoly Yakovenko, co-founder of Solana, addressed the network\u2019s congestion issues on social media. He outlined the challenges in fixing congestion bugs compared to resolving total network failures. <\/p>\n

\n

\u201cDealing with congestion bugs sucks so much more than total liveness failure. The latter is one and done; the bug is identified and patched, and the chain continues. The former has to go through the full release and test pipeline. Shipping fast is impossible,\u201d Yakovenko explained<\/a>.<\/p>\n<\/blockquote>\n

During this period of technical scrutiny, Solana\u2019s market value<\/a> has also been impacted. It has fallen by more than 5% within a span of 12 hours. <\/p>\n

Read more: Solana (SOL) Price Prediction 2024\/2025\/2030<\/a><\/strong><\/p>\n

The network\u2019s reliability is under the microscope, especially considering its history of performance issues. In February 2024, transaction activities on Solana were temporarily halted<\/a> due to performance degradation. <\/p>\n

This incident reminded stakeholders of the nearly day-long downtime in February 2023<\/a> and over eight outages throughout 2022<\/a>. <\/p>\n

\n
\n

Disclaimer<\/p>\n

In adherence to the Trust Project<\/a> guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our\u00a0Terms and Conditions<\/a>,\u00a0Privacy Policy<\/a>, and\u00a0Disclaimers<\/a>\u00a0have been updated.<\/p>\n<\/div>\n<\/div><\/div>\n