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Is the Meme Coin Season Taking a Toll on Solana Blockchain?

The Solana network is currently under stress, struggling to process the flood of transactions driven by the recent meme coin frenzy.

Consequently, this has raised concerns about the network’s ability to handle such intense activity levels. Amid this surge, the blockchain’s performance is put to the test.

Are Solana’s 77% Transactions Failing?

Recent data from Dune Analytics shows that on April 4, over 77% of “non-vote” transactions on Solana did not succeed. This represents the highest failure rate ever recorded for the network.

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.

“I saw many user questions around Solana transaction is pending/failed. The bull market pressure test is still too real. 75% failure rate,” Trust Wallet CEO Eowyn Chen said.

Solana Failed Non-Vote Transaction Share
Solana Failed Non-Vote Transaction Share. Source: Dune

In contrast, Mert Mumtaz, CEO of Helius and a staunch supporter of Solana, challenges this perspective.

“Almost all failed transactions you see on these charts are bot spam,” Helius Labs CEO argued.

Furthermore, Mumtaz criticizes the method of using failed transaction data to evaluate the network’s performance. He believes it misrepresents the actual user experience. In his view, 95% of the failed transactions chart consists of bots attempting unsuccessful arbitrage.

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.

Amid these technical debates, Anatoly Yakovenko, co-founder of Solana, addressed the network’s congestion issues on social media. He outlined the challenges in fixing congestion bugs compared to resolving total network failures.

“Dealing 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,” Yakovenko explained.

During this period of technical scrutiny, Solana’s market value has also been impacted. It has fallen by more than 5% within a span of 12 hours.

The network’s reliability is under the microscope, especially considering its history of performance issues. In February 2024, transaction activities on Solana were temporarily halted due to performance degradation.

This incident reminded stakeholders of the nearly day-long downtime in February 2023 and over eight outages throughout 2022.

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In conclusion, the Solana network is facing significant challenges in handling the recent surge in transactions, with a record high failure rate of over 77%. The network’s performance under stress has sparked debates about its ability to handle intense activity levels, especially during meme coin frenzies. While some attribute the failures to bot spam, others argue that it misrepresents the user experience. As the network’s congestion issues come under scrutiny, Solana’s market value has also been affected, falling by more than 5% in just 12 hours. With a history of performance issues and past outages, Solana’s reliability remains a key concern for stakeholders.

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