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. 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.
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 memecoins 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.
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