Solana, The popular blockchain for trading new cryptocurrencies and MEMECoins, has recently seen a surprising number of failed transactions lately – around 70% in the past month! But before you panic, let’s break down what’s happening.
What’s Causing Failed Transactions on Solana?
These failed transactions are mostly caused by bots, used by traders to automate their buying and selling. When these bots flood the network, it gets congested.
For regular users, though, failed transactions usually happen due to slippage. This means the price you see for a memecoin might change by the time the trade actually goes through. To avoid this, traders set a “slippage limit,” but if the price swings too much, the transaction fails.
Are Failed Transactions Really a Problem?
Here’s the interesting part: Solana developers say these failed transactions aren’t really a problem. They argue that the network processes them normally, but the app itself rejects them on purpose. This might sound strange, but they say it’s always been this way and doesn’t affect user experience.
Their solution? Make it less profitable to spam the network with bots and encourage including more successful transactions.
Solana: Booming Despite High Fail Rate
Despite the high fail rate, Solana seems to be booming. It has more users than Ethereum approximately 20,000 tokens are being launched on the blockchain daily, according to Solana explorer SolanaFM. Traders are clearly using it, with platforms like deBridge seeing a billion dollars in volume and over half of that figure was traded through Solana.
Challenges Remain for Solana
However, Solana still faces challenges like outages and slow performance. Additionally, Ethereum’s recent upgrade has made its alternatives (layer 2 networks) even cheaper to use.
So, What’s the Verdict on Solana?
So, what does this mean? Solana is a fast-growing blockchain with growing pains. While the high fail rate might seem scary, it’s not necessarily a dealbreaker for everyday users. Still, Solana needs to address its stability and compete with increasingly affordable alternatives.
