Solana’s transaction issue ‘not a design flaw,’ exec says

  • Solana faced transaction failures due to an “implementation bug,” raising concerns about network stability.
  • Renowned trader Peter Brandt remained bullish on Solana, foreseeing a doubling in value against Ethereum.

Lately, there’s been a significant rise in unsuccessful transactions on blockchain networks, causing worries over their reliability. Among these networks, Solana [SOL] has been notably affected by this issue, with a spike in failed transactions believed to be the result of a “development error.”

In a recent update on X, formerly known as Twitter, Mert Mumtaz, the CEO of Helius Lab, commented on the same topic.

“Solana’s current issue is not a design flaw, it’s an implementation bug.”

Transaction issues within the Solana network 

April 4th saw over 75% of Solana transactions related to memecoins fail due to the frenzy, but more current figures suggest a decrease to a failure rate of 64.8%.

Developers are currently planning to make corrections by the 15th of April to tackle the cause behind an increase in transaction failures.

Mumtaz brought up some apprehensions about how “QUIC,” a data transfer method created by Google, will be used in Solana’s development process.

A current version of the protocol’s implementation on “Solana” contains issues and errors. But, it’s essential to note that this doesn’t imply there’s a fundamental problem with Solana’s design; instead, it indicates they selected an imperfect implementation for this particular aspect.

He further remarked,  

“What it needs to do is change one of its tires — not change the vehicle type altogether.” 

A quick resolution is essential for preserving the dependability and optimal performance of blockchain systems.

In defense of QUIC, Richard Patel, a developer at Firedancer Solana, elaborated, 

“Why is QUIC frequently criticized? The ‘Agave’ client from Solana experiences this issue of prolonged delays, which unfortunately affects its use of QUIC.”

This week, Matt Sorg, who leads tech and product at Solana, wrote a blog post where he addressed people’s concerns. He mentioned specifically.

“Solana’s protocol is extremely efficient and has plenty of room for growth without reaching its limit in terms of scalability. This challenge does not affect the process of handling transactions within the protocol, nor does it result in unsuccessful transactions.”

Risks associated with the Solana network 

Another research carried out by cybersecurity company Blockaid highlights the concerning number of risks present in the Solana network, with scammers actively carrying out deceitful schemes.

Ido Ben-Natan, a co-founder of Blockaid, has pointed out that fraudsters are exploiting the surging interest in new tokens within the Solana community by deceitfully targeting investors in this blockchain network.

Despite the setbacks causing Solana to decline by 4.63% over the past week, well-known cryptocurrency trader Peter Brandt remains optimistic regarding its future prospects. He anticipates that Solana’s value could potentially double in comparison to Ethereum.

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2024-04-09 15:03