Solana’s Struggle: Are 75% of User Transactions Failing, or is There More to the Story?

Approximately 75% of transactions on the Solana network have been unsuccessful due to the surge in memecoin frenzy, according to data from Dune Analytics. This is the highest failure rate ever recorded. Users on social media have also been expressing their dissatisfaction with failed transactions and a subpar user experience. Altcoin Sherpa, a pseudonymous trader, acknowledged that while he believes Solana will become the go-to blockchain network for retail adoption, the current user experience is less than ideal. However, Mert Mumtaz, the CEO of Helius and a vocal supporter of Solana, disputed the claim that 75% of transactions were failing, stating that the majority of failed transactions were simply “bot spam.” He explained that users are usually aware that their transactions will not work beforehand due to wallet simulations. Mumtaz also noted that increasing transaction priority fees would not solve the problem, as most spam activity occurs before the scheduling process. He expressed doubts that the upcoming network upgrade would fix these issues, implying that user experience on Solana may remain degraded for a while. Solana CEO Anatoly Yakovenko expressed his frustration with the process of fixing congestion bugs on the network, emphasizing that it is more challenging than dealing with total liveness failure. The price of Solana’s SOL token has fallen by 3% in the past week, following a 45% rally in the previous month. It is currently the fifth-largest cryptocurrency by market capitalization, with a total value of $81 billion.