Approximately 75% of transactions on the Solana network have been unsuccessful due to the recent surge in memecoin frenzy on Solana. However, supporters argue that the data is being misinterpreted. According to Dune Analytics, on April 4, over 75% of all “non-vote” Solana transactions failed, marking the highest failure rate on record. The increase in failed transactions has led to complaints from Solana users on social media, who have expressed dissatisfaction with the user experience. Altcoin Sherpa, a pseudonymous trader, shared on April 4 that while he believed Solana would establish itself as the blockchain network for retail adoption, the current user experience was less than satisfactory. However, Mert Mumtaz, the CEO of Helius and a vocal Solana supporter, disputed the claim that 75% of transactions were failing, arguing that the majority of failed non-vote transactions were simply “bot spam.” Mumtaz explained that users are usually not affected by this issue because their wallets simulate the transaction and inform them in advance if it will not work. He stated that the failed transactions chart is not an accurate measure of user impact, as most users do not even attempt these transactions. According to Mumtaz, about 95% of the chart consists of bots failing arbitrage attempts. He also clarified that increasing transaction priority fees would not solve the problem, as much of the spam activity occurs before the scheduling process. Mumtaz expressed doubt that the upcoming Solana network upgrade would resolve these issues, indicating that the user experience on Solana might continue to be degraded for some time. The price of Solana (SOL) has declined by approximately 3% in the past week, following a 45% rally in the previous month. As a result, it has dropped to the fifth-largest cryptocurrency by market cap, with a total value of $81 billion, trailing behind Binance’s BNB token ($89 billion). A team of white hat hackers called “SEAL 911” has been formed to combat crypto hacks in real-time.
Solana's Battle: Are 75% of Users' Transactions Failing or Is There More to the Story?