Solana scrambles to patch failed transactions on its chain, crushed under rising user activity


  • Solana co-founder defended the rate at which transactions are failing on the SOL blockchain.
  • Co-founder Raj Gokal says that world class engineering teams are working to push fixes to the SOL chain. 
  • Solana has seen a surge in new addresses and volume, alongside nearly 70% average failure rate of transactions. 

Solana blockchain (SOL) has witnessed a surge in users and their on-chain activity with the rise in meme coins and transactions on DEXes. In the past few weeks the SOL chain has seen a failure of nearly 70% non-voting transactions. 

Solana’s co-founders defended the project and said that teams are working on tackling the technical issues and a fix will be issued in due time. 

Solana co-founders defend the chain, assure engineers are developing a fix

Anatoly Yakovenko and Raj Gokal, the Ethereum alternative chain’s co-founders tweeted in Solana’s defense as the chain is being critiqued for high failure rate of its transactions. Data from Dune Analytics shows that over 70% of non-voting transactions on the network have failed in the past few weeks. 

The co-founders of the project explained that engineers are working on dealing with congestion bugs. It requires a full release and the fix goes through a test pipeline, it may be impossible to ship it faster. 

Gopal said he stays up to date with world class engineering teams working on pushing fixes to improve the experience of submitting transactions on the chain and they believe this is a helpful way to contribute to the solution. 

Faced with the crisis, Solana’s new users and volume continues to rise. Data from Santiment shows a spike in volume, between March 31 and April 6. 

SOL

Volume (SOL) 

In the same timeframe, there is a rise in the number of new addresses, as seen on The Block. 

Solana

Number of new users on Solana 

At the time of writing, SOL price is up nearly 2%, trading at $177.40 on Binance. 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Could USDT depeg following recent accusations from Consumers' Research?

Could USDT depeg following recent accusations from Consumers' Research?

A digital billboard accusing Tether of corruption was featured in Times Square. Historically, stablecoins often depeg following controversies surrounding respective parent companies. Tether recently launched a new synthetic dollar backed by gold.

More Cryptocurrencies News

Ethereum Layer 1 and 2 monthly active users surpass 25 million milestone amidst crypto bloodbath

Ethereum Layer 1 and 2 monthly active users surpass 25 million milestone amidst crypto bloodbath

Monthly active users on Ethereum chain’s Layer 1 and 2 projects have crossed 25 million per Token Terminal data. Despite the rise of Ethereum’s competitors like Solana, with the meme coin narrative, Ether remains relevant among traders. 

More Ethereum News

ZKsync token faces massive sell-off following launch

ZKsync token faces massive sell-off following launch

A report from Nansen on Tuesday revealed that the top 10,000 wallets that were airdropped ZKsync's newly launched ZK token have begun selling their holdings. The price of ZK has dropped 34.5% since its inception after nearly half of the top wallets that received its airdrop on Monday sold all of their allocation.

More ZKsync News

Global Ethereum ETFs experience surge in net inflows as Hashdex files for combined spot ETH and Bitcoin ETF

Global Ethereum ETFs experience surge in net inflows as Hashdex files for combined spot ETH and Bitcoin ETF

Ethereum is down 3% on Tuesday as Hashdex submitted a market-weighted crypto ETF to the SEC, aiming to track the price of ETH and Bitcoin. Global investors have also increasingly purchased ETH ETFs amid declining exchange reserves.

More Ethereum News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP