The popular altcoin network Solana (SOL) is currently trying to cope with congestion caused by the increased demand for memecoins. Recent data shows that about 75% of transactions on the network are currently failing. This high transaction failure rate was detected on April 4th and signals a significant problem for the network amidst the memecoin hype.
Network Issues Lead to User Disappointment
Following the increase in network issues, users have started to voice their concerns within the Solana community on social media platforms, expressing their disappointment over failed transactions and a deteriorating user experience. Amidst these problems, opinions within the Solana community seem to differ regarding the interpretation of the data. While some view the high transaction failure rate as an indicator of fundamental problems within the network, others consider it primarily a consequence of spam bots.
Proponents of this view emphasize that transactions failing due to high spam bot activity do not necessarily pose a problem for regular users, as wallet addresses often inform users in advance if a transaction is likely to fail.
Despite differing perspectives, the general consensus is that congestion issues on the Solana network need to be resolved to improve user experience. Solutions such as increasing transaction priority fees have been suggested at this point. However, Solana CEO Anatoly Yakovenko has expressed his frustration with the process of resolving network congestion errors, highlighting the inherent difficulties in addressing such issues while maintaining the network’s stability.
Although the upcoming 1.18 Solana network update is expected to resolve some of the current issues, its full impact on improving user experience is not yet known.
Network Issues Impact SOL’s Value
On the other hand, the recent price performance of Solana’s SOL reflects investor sentiment in the shadow of the emerging network issues. The network’s main asset has dropped by about 5.68% in the last 24 hours and approximately 5% over the last 7 days, following a notable price increase the previous month.
With this price drop, SOL is currently positioned as the fifth-largest cryptocurrency by market value, right behind Binance‘s BNB, with a market capitalization of $78.2 billion.
