Summary
TLDR: Solana network is struggling to process transactions due to meme coin frenzy, with over 77% of non-vote transactions failing. CEO of Trust Wallet cites 75% failure rate, while CEO of Helius argues that most failed transactions are bot spam. Increasing transaction fees may not solve the issue. Co-founder of Solana acknowledges congestion issues, impacting market value. Network’s reliability is questioned due to history of performance issues.
Key Points
1. The Solana network is currently struggling to process the flood of transactions driven by the recent meme coin frenzy, raising concerns about its ability to handle intense activity levels.
2. Recent data from Dune Analytics shows that over 77% of “non-vote” transactions on Solana did not succeed on April 4, marking the highest failure rate ever recorded for the network.
3. Amid technical debates about the network’s performance, Anatoly Yakovenko, co-founder of Solana, addressed congestion issues and highlighted challenges in fixing congestion bugs compared to resolving total network failures.