Solana (SOL) news

Solana Network Faces Severe Congestion: Transaction Failure Rate Reaches 75%

The Solana network has encountered severe congestion, resulting in a transaction failure rate of up to 75%.
Developers are currently striving to address these issues and enhance network stability.
Just as recently witnessed, Solana, known for its high-speed blockchain, has faced network congestion, causing concern within the company. Network congestion led to a failure rate of 75% of transactions across the chain.

This issue has sparked numerous discussions and prompted some users to migrate to Ethereum instead. The reason for this migration seems to be the more reliable transaction experiences. Austin Federa, Solana’s Chief Strategy Officer, shares insights into the root causes of these challenges and the measures being taken to resolve them.

Addressing Congestion:

Austin Federa commended the diligent work done by developers from teams like Anza, Firedancer, and Jito, who have been working tirelessly to handle the massive increase in network usage. While people have different ideas about the cause of network congestion, Federa clarified that the main issue is that the current software cannot handle the additional traffic well. The issue, according to Federa, is termed “technology debt.” This indicates that Solana faces an extremely difficult decision. The problem lies in whether they can either add new features or improve the current network.

To address network issues and sluggishness, core developers are implementing and swiftly verifying changes to improve the network system’s capacity to handle large traffic volumes without issues. Due to these problems, many transactions failed, with a failure rate exceeding 75% recently. This has made people concerned about whether the network can handle a lot of activities without issues.

Read more Continuing Outflows: April 9 Marks Another Day of Significant Departures from Bitcoin Investment Vehicles”

Impact on Users and Market Competition:

Network issues have not only resulted in more transaction failures but also changed how Solana and Ethereum compete in the market. With Ethereum’s value surging in March, Solana’s ongoing issues may further lag it behind, affecting its position in the market. Users of the Phantom wallet, popular among Solana users, experienced longer transaction wait times and more failures. This is mainly due to increased activity on the network, especially from meme coins and liquid staking on Solana’s decentralized trading platforms (DEXes).

Matt Sorg, from the Solana Foundation, addressed concerns about many failed transactions, stating that they are actually part of a feature aimed at maintaining user safety. He mentioned that these failures mostly occur due to significant price movements, or “slippages,” especially with Solana meme coins on various trading platforms. Sorg pointed out that the main issue lies in transactions being dropped and not included in the final ledger for several reasons.

Important Notice: Disclaimer Regarding Financial Advice
The information presented in this article is intended solely for informational purposes and should not be considered as financial advice. disclaims any responsibility for investment decisions made by individuals relying on the information provided herein. It is highly recommended to consult with a qualified professional or financial advisor before making any investment decisions. Your financial well-being is crucial, and seeking expert guidance ensures that your investment choices align with your individual financial goals and risk tolerance.

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