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Network’s Incapability or Data Misreading: Massive Transaction Failure Hits Solana Blockchain

Solana experiences record-high transaction failure rate amid memecoin mania

The Solana network is facing a significant challenge as approximately 75% of transactions are failing due to the overwhelming demand for memecoins. Recent data from Dune Analytics reveals that on April 4th, over three-quarters of "non-vote" Solana transactions resulted in failure, marking the highest failure rate on record. This surge in transaction failures has coincided with an outcry from Solana users on social media platforms, highlighting their frustration with failed transactions and degraded user experiences.

In response to the alarming statistics, opinions within the Solana community are divided. Altcoin Sherpa, a pseudonymous trader, expressed optimism about Solana's potential as a blockchain network for retail adoption but acknowledged the current subpar user experience. 

Solana proponents claim failed transactions are mostly bot spam and arbitrage attempts

Meanwhile, Mert Mumtaz, CEO of Helius and a vocal Solana proponent, contested the claim that 75% of transactions were failing. Mumtaz attributed the majority of failed transactions to "bot spam," emphasizing that users are typically informed of potential failures beforehand. He argued that failed transaction charts do not accurately reflect user impact, as most users never encounter failed transactions due to bot activity. 

Mumtaz also cautioned against increasing transaction priority fees, suggesting that it would only result in wasted money for users. 

Furthermore, he expressed skepticism about the upcoming Solana network upgrade's ability to address these issues, hinting at prolonged user experience challenges until networking patches are implemented.The repercussions of Solana's transaction failures are reflected in its price performance. 

Over the past week, Solana's price has declined by approximately 3%, following a 45% rally in the previous month. As a result of this weekly drawdown, Solana has slipped to become the fifth-largest cryptocurrency by market capitalization, with a total value of $81 billion, trailing behind Binance's BNB token valued at $89 billion, according to CoinGecko data.