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Will meme season affect the Solana blockchain?

The Solana blockchain is currently under pressure as it struggles to process the deluge of transactions caused by the recent coin craze. Consequently, this has raised concerns about the network's ability to handle such intense levels of activity. Amidst this increase, the performance of the blockchain is being tested.

Do Solana transactions fail at a rate of 77%?

Recent data from Dune Analytics shows that on April 4, more than 77% of “non-voting” transactions on Solana failed. This represents the highest failure rate ever recorded for the network.

This failure comes amid increased activity on the blockchain due to the current blockchain cycle. Additionally, there have been frequent coin launches on the Solana blockchain. AndHe said Éowyn Chen, CEO of Trust Wallet:

"I have seen many user questions about a pending/failed Solana trade. The bull market stress test is still very real. 75% failure rate."

👈Read more: What is the currency of Solana? How can I buy it? & Three different ways to buy Solana Coin

Share failed transactions in Solana without voting
Share of Solana transactions that failed without a vote. Source: Debt

In contrast, Mert Mumtaz, CEO of Helius and a strong supporter of Solana, disputes this perspective. AndHe said Commenting on the subject:

“Almost all of the failed trades you see on these charts are junk robo trades. »

According to him, this does not affect ordinary users much. He points out that most wallets proactively simulate transactions. This process prevents users from executing transactions that might fail.

Additionally, Mumtaz criticizes the method of using data from failed transactions to evaluate network performance. He believes this distorts the actual user experience. According to him, 95% of failed trades consist of unsuccessful arbitrage attempts by bots.

Additionally, Mumtaz explained that unwanted activities occur before transactions are planned. Therefore, increasing transaction priority fees will not be a solution. He warns that excessively increasing prices could lead to financial waste for users.

SOL's market value is shaken by the news

Amid these technical discussions, Anatoly Yakovenko, co-founder of Solana, addressed network congestion issues on social media. He highlighted the challenges faced in resolving congestion issues compared to resolving overall network outages. He explained Yakovenko :

“Dealing with congestion faults is much more annoying than a total network outage. The latter is a unique thing; the defect is identified and corrected, and the chain continues. The first must go through the full release and testing pipeline. . Fast charging is not possible."

During this technical inspection period, I was also concerned Solana Market Value. It fell more than 5% in 12 hours.

👈Read more: Latest SOL price analysis from BeInCrypto & SOL Price Analysis and Forecast for 2024

The network's reliability has come under scrutiny, particularly given its history of performance issues. In February 2024, trading activities on Solana were temporarily halted due to deteriorating performance.

This incident reminded stakeholders that the grid was out of service for almost a day in February 2023 and more than eight outages throughout 2022.

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