Solana’s Struggle: Are 75% of users’ transactions truly failing, or is there more to the story?

Approximately 75% of transactions on the Solana network are failing due to the recent surge in activity driven by the memecoin frenzy. However, supporters argue that the data is being misinterpreted. According to Dune Analytics, on April 4, the failure rate for “non-vote” transactions on Solana reached a record high of just over 75%. This increase in failures has led to numerous complaints from Solana users on social media regarding unsuccessful transactions and a degraded user experience. Altcoin Sherpa, a pseudonymous trader, acknowledged that while he believes Solana will establish itself as the go-to blockchain network for retail adoption, the current user experience is far from ideal. However, Mert Mumtaz, CEO of Helius and a vocal Solana advocate, disputed the claim that 75% of transactions were failing. He argued that the majority of failed non-vote transactions were simply bot spam and should not be considered a significant issue for users. Mumtaz explained that wallet simulations would inform users beforehand if a transaction was likely to fail. He also pointed out that the majority of the failed transactions were due to bots attempting arbitrage, and increasing transaction priority fees would not solve the problem. Mumtaz expressed doubt that the upcoming 1.18 Solana network upgrade would address these issues, suggesting that the degraded user experience on Solana might persist for some time. The price of Solana has decreased by approximately 3% in the past week, following a 45% rally in the previous month. As a result, Solana has slipped back to being the fifth-largest cryptocurrency by market cap, with a total value of $81 billion, trailing behind Binance’s BNB token at $89 billion.