- Solana’s price surge v. failed transactions highlighted scalability challenges
- Anza’s fixes on the testnet addressed Solana’s congestion, but concerns linger
After Bitcoin‘s [BTC] halving event has concluded, the cryptocurrency market shows signs of bouncing back. Currently, Bitcoin, as well as most other altcoins, are displaying positive price movements. Notably, Solana [SOL] experienced a significant increase of approximately 6% within the past day.
Despite Solana’s (SOL) optimistic price trend, there have been an unusual number of unsuccessful transactions on its network recently.
Network issues galore
In a recent discovery, Dan Smith, a research analyst, shared insights on LinkedIn (previously known as X), explaining how spammers artificially increased the count of unsuccessful transactions on the blockchain network.
Approximately 97% of regular users process fewer than 50 transactions daily, experiencing a failure rate of approximately 8%. This equates to about one failed transaction out of every ten. Collectively, these users account for just 0.6% of all unsuccessful transactions.
Furthermore, he mentioned that a modest number of addresses, possibly automated accounts, were responsible for the large proportion of unsuccessful transactions.
“Any addresses that sends over 5,000 txs per day is clearly a bot. Yesterday there were 879 addresses that hit this mark, and they created 95% of the total failed transactions with a failure rate of 79%.”
Solana has experienced network congestion problems before, most notably on April 4th when more than three-quarters of transactions failed.
Following the event, Anza, an important figure in the Solana community, identified problems with the QUIC and Agave validator clients. These issues were addressed during testing on the trial network. Unfortunately, experts claim that these efforts were fruitless.
What is the data indicating?
Mocking the chart presented by Blockworks, Smith said,
“This chart fails to account for discarded transactions, which pose a significant issue for Solana currently and negatively impact the user experience for real users.”
In defense Matt Sorg, Solana’s Tech and Product Lead in his blog post shared,
“Solana is a highly efficient protocol that hasn’t nearly hit its scaling ceiling.”
Is this reducing SOL’s user activity?
It’s important to mention that according to Smith, although unsuccessful transactions don’t impact user behavior assessment, they hold importance from a technical standpoint when examining a network’s capabilities and efficiency.
In simpler terms, the data shows that there are more negative than positive remarks about Solana on social media. This could mean that the challenges facing the network are indeed impacting its social perception.
Read More
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- Can Ethereum ETFs outperform Bitcoin ETFs – Yes or No?
- Chainlink to $20, when? Why analysts are positive about LINK’s future
- Citi analysts upgrade Coinbase stock to ‘BUY’ after +30% rally projection
- Why iShares’ Bitcoin Trust stock surged 13% in 5 days, and what’s ahead
- Spot Solana ETF approvals – Closer than you think?
- Orca crypto price prediction: Buying opportunity ahead, or bull trap?
- Top 10 Stocks and Crypto Robinhood Alternatives & Competitors
- ‘China’s going to have it’ – Donald Trump crypto stance, finally explained
2024-04-20 11:35