The Solana network is currently experiencing a significant transaction failure rate, with reports indicating that approximately 75% of transactions are failing. This issue, first flagged in March 2024, has been attributed to the growing popularity of memecoins on the network, leading to a surge in demand that the blockchain is struggling to accommodate. According to a DuneAnalytics board constructed by @scarn_eth, a whopping 73.2% of normal (non-vote) transactions failed, with the rate reaching as high as 77% in some reports. The majority of these failed transactions are believed to be 'bot spam' generated by bots engaging in arbitrage. The Solana Foundation has acknowledged the problem and announced that a patch to address the issue will be released soon. Despite the challenges, some users remain optimistic, viewing the situation as a potential buying opportunity for Solana and its memecoins.
On LTF $BTC seems fine to me … Eth seems okay too… It’s just Solana that’s down bad and Solana memecoins …. Honestly prolly just buying opps. Bought $Bul $mew $wif Will reevaluate at payrolls https://t.co/7aZr2C6Ht1
The growing popularity of memecoins has taken a toll on the Solana network, as the blockchain witnessed 75% of its transactions fail on April 4 https://t.co/RrKNlep3g4
#Solana's team is "tirelessly" addressing a spike in failed transactions, now exceeding last month's 54% failure rate. The issue affects non-voting transactions by users and voting transactions by validators. https://t.co/owQLPvqP5V
Solana turning out to be a chain that can’t handle memecoins … Makes all of this so bullish for Base no?
75% failed transactions on SOL rn??? Sweet Jesus
The @solana network appears to be struggling to keep up with a demand for memecoins, with data showing roughly 75% of transactions on the network currently failing. The vast majority of failed non-vote transactions were simply “bot spam.” https://t.co/Bv7yBQJpNM https://t.co/z79v15zuDm
77% of Solana transactions are failing on-chain. This does not include the dropped transactions that did not make it on-chain due to congestion. #Solana https://t.co/PwNMtn44dm
The Solana network currently has a non-vote transaction failure rate of 76.8%, according to @scarn_eth Dune data. Because many bots engaging in arbitrage generates spam transactions. Solana foundation said a patch will be released soon. https://t.co/UtfGHsgPHO https://t.co/GZxvnV46qS
me buying solana memecoins visualized https://t.co/BegdTQBoMS
Data shows more than 75% of all transactions on Solana are currently failing. However, proponents argue it’s primarily “bot spam.” https://t.co/iZ6h7qNIN0
75% of transactions are failing on $SOL https://t.co/LT6szYCNX0
Solana currently has a 75% tx fail rate Highest value so far https://t.co/3yTZIvu81s
wen you blindly ape a memecoin and it x100 https://t.co/eIQCPMZx4E
What memecoin should I ape into?
🚨3/4 OF SOLANA TRANSACTIONS ARE FAILING: REPORT🚨 - First flagged by @QwQiao, it appears that March 2024 has not been a good month for @Solana transactions… - According to a DuneAnalytics board constructed by @scarn_eth, a whopping 73.2% of normal (non-vote) transactions on… https://t.co/tt2Jpna0go https://t.co/fIzW2nFWt8
🚨JUST IN: APPROX. 3/4 @SOLANA TRANSACTIONS ARE CURRENTLY FAILING ~ DUNE ANALYTICS
about 3/4 of txs r failing on solana currently https://t.co/YSkTun9qlX
How it feels to make a 10x on a memecoin https://t.co/YDaVq7D42O
What memecoins on SOL or base are you buying?
What memecoin did u buy today?!
if i buy all the memecoins surely one will x1000