Users of Solana, the fast-growing blockchain that has experienced rapid growth in recent weeks, have had a difficult day as three of every four transactions on the network have not gone through as intended.
According to information gathered by user Scarn_eth from Dune, on April 4, 75.3% of non-vote transactions on Solana failed. An SOL transfer across various Solana accounts is referred to as a non-vote transaction.
The blockchain's purported scalability was criticized by some, who contended that Solana was not as scalable as advertised because to high congestion levels that coincided with rising usage.
In the meantime, supporters of Solana claimed that times of severe congestion were “part of the process” despite the fact that the number and unique users on the network had increased by a factor of 10.
The surge in unsuccessful transactions coincides with record-high trading volumes on Solana, primarily because to the demand for trading memecoins, some of which are linked to dubious topics.
Trading activity that has been dominated by bots, which bombard the network in an effort to make an arbitrage trade, is probably the result of the memecoin hype. The issue is that in the absence of this arbitrage, the smart contract behaves unexpectedly and the transaction is not carried out correctly.
Additionally, according to Scarn_eth's data, bots accounted for 55% of all swaps on Solana at the time of writing, or $30.2 million of the entire volume.
“Take Solana txn volume with a bowl of salt. I believe I’ve used rather forgiving parameters in measuring bots,” said Scarn_eth when first creating the Dune dashboard in December.
Mert Mumtaz, CEO of Helius Labs, clarified that since bots are more adept at spamming than people, user transactions are ultimately abandoned since a block leader can only manage a certain number of transactions concurrently.