What’s Causing Solana Memecoin Transactions to Fail?
Solana memecoin transactions
YEREVAN (CoinChapter.com) — Recently, the Solana network has hit a rough patch, with about three-quarters of its transactions failing. This wave of failures came as a flood of activity rushed in, driven by a craze for memecoin trading on Solana. However, supporters argue that this information is often misunderstood. They suggest taking a closer look at the data to get the full story.
Dune Analytics revealed that on April 4, more than 75% of Solana’s ‘non-vote’ transactions didn’t go through. This marks the highest failure rate ever recorded for the network.
75.4% of non-vote transactions on Solana have failed. Source: Dune Analytics
At the same time, Solana users have been voicing their frustrations on social media. They’re upset about transactions that don’t work and a worsened experience using the network.
On April 4, Altcoin Sherpa, a trader who uses a pseudonym, shared his thoughts on X. He still thinks Solana will become the go-to blockchain for regular users. But, he pointed out that using Solana right now isn’t the best experience.
On April 4, Mert Mumtaz, CEO of Helius and a well-known supporter of Solana, spoke out on X. He challenged the idea that 75% of transactions were failing. He said that, actually, most of the failed non-vote transactions were just “bot spam.”
“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.”
Mumtaz argued that the chart showing failed transactions isn’t a good measure of the actual impact on users. He pointed out that most users don’t even get that far in the first place.
“About 95% of that entire chart is just bots failing arbitrage attempts.”
Mumtaz also said that a lot of the spam happens before transactions even get scheduled. So, paying more for quicker processing won’t make a difference. He warned that if users pay above the average fee, they’ll just be throwing money away.
He went on to mention that the next Solana network upgrade, version 1.18, probably won’t solve these problems. This suggests that users might have to deal with a less-than-ideal experience on Solana for a while longer.
“Networking patches are what’s required, and those are rolling out soon.”
Solana’s SOL ticker has seen a dip, dropping by about 3% over the past week. This comes on the heels of an impressive 45% surge in the last month. Following this minor setback, it has slipped to the fifth spot in the ranking of largest cryptocurrencies by market cap, according to CoinGecko’s data.
SOL’s total market value is now at $81 billion, sitting just behind Binance’s BNB token, which holds a market cap of $89 billion.
The post What’s Causing Solana Memecoin Transactions to Fail? appeared first on CoinChapter.
Filed under: Bitcoin - @ April 8, 2024 8:17 pm