Fun

Solana struggles: Record 75% of user txs are failing... or are they?

News Feed - 2024-04-05 10:04:12

Tom Mitchelhill7 hours agoSolana struggles: Record 75% of user txs are failing... or are they?The Solana network appears to be struggling to keep up with a ravenous demand for memecoins, with data showing roughly 75% of transactions on the network currently failing.7140 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksRoughly three-quarters of all transactions on the Solana network have been failing amid a deluge of activity brought by the recent memecoin mania on Solana; however, proponents say the data is being widely misinterpreted. 


Dune Analytics data shows that on April 4, just over 75% of all “non-vote” Solana transactions failed, the highest failure rate on record.75.4% of non-vote transactions on Solana have failed. Source: Dune Analytics


The uptick has been paralleled by a recent uproar from Solana users on social media, complaining of failed transactions and degraded user experience.


In an April 4 post to X, pseudonymous trader Altcoin Sherpa said 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.“As much as I think that SOL is the chain for retail this cycle — the experience is f---ing brutal lately.”Or maybe it’s bot spam 


However, in an April 4 post to X, vocal Solana proponent and Helius CEO Mert Mumtaz took issue with the claim that 75% of transactions were failing, noting that the vast majority of failed non-vote transactions were simply “bot spam.”


Related:Solana activity flips Ethereum amid memecoin craze, even as txs fail


“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.


Mumtaz claimed that the failed transactions chart was “not a good way of assessing user impact as most users don’t make it there to begin [with].”


“About 95% of that entire chart is just bots failing arbitrage attempts,” he added.


Additionally, Mumtaz explained that because much of this spam activity occurs before the scheduling process, increasing transaction priority fees won’t help and that “increasing it above a certain median” will see users “waste money.”Source:Mert Mumtaz


He added that it was unlikely that the upcoming 1.18 Solana network upgrade would fix these issues, hinting that user experience on Solana could remain degraded for some time.“Networking patches are what’s required, and those are rolling out soon.”


Solana CEO Anatoly Yakovenko took to social media to express 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. 


The price of Solana’s SOL (SOL) has fallen around 3% in the last week, stumbling slightly after a 45% rally in the last month. Its recent weekly drawdown has seen it fall back to being the fifth-largest cryptocurrency by market capitalization, per CoinGecko data.


SOL currently commands a total value of $81 billion, trailing behind Binance’s BNB (BNB) at $89 billion.


Magazine:‘SEAL 911’ team of white hats formed to fight crypto hacks in real time# Blockchain# Cryptocurrencies# Altcoin# Transactions# Solana# MemecoinAdd reactionRead moreZachXBT won’t assist after memecoin devs throw tokenholders under the busNumber of new memecoin traders hits record high — IntoTheBlockWormhole bridge hacker from 2022 was briefly eligible for the recent airdrop

News Feed

Russian Finance Ministry Amends Bill ‘On Digital Currency,’ Adds Crypto Mining Provisions
Russian Finance Ministry Amends Bill ‘On Digital Currency,’ Adds Crypto Mining Provisions The Ministry of Finance of the Russian Federation has revised a draft law designed to
Fidelity Investments Engages With Regulators to Bring Crypto Assets Mainstream
Fidelity Investments Engages With Regulators to Bring Crypto Assets Mainstream The president of Fidelity Digital Assets, the crypto arm of Fidelity Investments,
Turner Wright4 hours agoJudge says Sam Bankman-Fried’s lawyers have until Sept. 1 to request a trial postponement: ReportThough the judge reportedly said he would not necessarily grant a postponement, SBF’s lawyers h
Bitcoin Will Test ATH Once It Breaks This Strong Supply Zone – Details
Este artículo también está disponible en español. Bitcoin is currently trading at $97,600, following a sharp dip from its all-time high and a modest recovery from the cri
Crypto Security Firm Fireblocks Raises $30 Million in Series B Funding, Targets Global Expansion
Crypto Security Firm Fireblocks Raises $30 Million in Series B Funding, Targets Global Expansion Crypto security firm Fireblocks said Wednesday that it has raise
Visa Launches Bitcoin and Crypto Enabled Cards in Latam
Visa Launches Bitcoin and Crypto Enabled Cards in Latam Visa, one of the biggest payments companies in the world, has announced the launch of a series of crypto-enabled cards in pa
Grayscale’s Crypto Assets Under Management Soar Past $30 Billion — ‘Institutions Are Here’
Grayscale"s Crypto Assets Under Management Soar Past $30 Billion — "Institutions Are Here" Grayscale Investments has surpassed the milestone of $30 billion in
XRP Risks Fall To $1.55 If This Support Level Fails – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Chinese Messaging App Wechat Reportedly Suspends Accounts Linked to NFTs
Chinese Messaging App Wechat Reportedly Suspends Accounts Linked to NFTs Wechat, the Chinese messaging app, has reportedly suspended accounts that are linked to non-fungible tokens
The New Eminem and Snoop Dogg Music Video Showcases Bored Ape Avatars
The New Eminem and Snoop Dogg Music Video Showcases Bored Ape Avatars The prominent rap stars Eminem and Snoop Dogg released a new music video that showcases the Bored Ape Yacht Cl
Tom Mitchelhill7 hours agoSEC’s Gary Gensler to hold firm on crypto enforcement in Senate hearingDespite his agency suffering a slew of losses in the courts, Gensler is sticking to his guns at the Senate Banking Commit
Bitcoin, Ethereum Technical Analysis: BTC Consolidates Recent Losses to Start the Weekend 
Bitcoin, Ethereum Technical Analysis: BTC Consolidates Recent Losses to Start the Weekend  Bitcoin consolidated recent losses on March 4, as cryptocurrency markets marginally stab