- Solana DEX volume recovers after declining in March 2024.
- Nearly three-quarters of transactions on the SOL network failed, according to stats on Dune Analytics.
- SOL price is nearly unchanged in the past week.
Solana (SOL) has seen a surge in failed transactions since March 2024. Nearly three-quarters of transactions on the SOL chain have failed, per data from Dune Analytics. While failed transactions are mostly bots, it shows the rise in “spam” on the Solana blockchain, alongside increase in usage.
Solana price climbed slightly on Thursday, up 1% to $187.63.
Failed transactions on Solana average close to 75%
Data from Dune Analytics shows that failed transactions on Solana are close to three-quarters of all transactions. The average is close to 75%, on April 4, the number is 73.2%, as seen in the chart below. While most of the failed transactions can be attributed to bots spamming the Solana blockchain, users may be affected if they interact with the blockchain for swaps or DEX transactions.
Solana Failed Non-Vote Transaction Rate
While transaction failure may not be an issue for every other Solana user, it affects the performance of the chain and results in regular outages. The DEX volume on Solana has climbed after dropping from its peak in March. The rising DEX volume and meme coin frenzy on SOL are likely drivers of spam and failed transactions on the Solana chain.
DeFiLlama data shows DEX volume is up from the March 23 low of $873.79 million to $1.775 billion on April 3.
Solana DEX volume
At the time of writing, Solana price is $189.45, up nearly 1% on the day and unchanged on the weekly timeframe.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Hyperliquid risks breaking $40 support after correction from all-time high
Hyperliquid risks breaks below $40.00 support after reaching new record highs of $45.72 on Monday. Increasing volumes, coupled with a sharp decline in the derivatives market's Open Interest, suggest a decline in interest in HYPE as liquidations mount.
Crypto Today: Bitcoin, Ethereum, XRP broadly stall as Middle East tensions keep markets on edge
Bitcoin’s price action remains relatively muted below $107,000 as tensions in the Middle East thaw. US President Trump leaves the G7 meeting early, calls for the evacuation of Tehran amid uncertainty in global markets.
Cardano Price Forecast: ADA eyes further losses amid triangle fallout
Cardano trades in the red by over 1% at press time on Tuesday, extending its losses from the previous day. Shrugging off the recent announcement of the revised stake pool incentive scheme by Input/Output firm, pressure mounts over Cardano, with optimism in ADA derivatives declining.
Bitcoin falls slightly as Trump calls security advisors to deal with Iran-Israel war
Bitcoin price declines slightly to around $106,000 on Tuesday following a mild recovery the previous day. Donald Trump leaves the G7 summit early to return to Washington and meet with his national security team.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.