⚡ Solana Faces Network Issues
posted 5 Apr 2024
Over 75% of non-vote Solana transactions are failing. This problem seems to stem from the recent influx of new meme coins, as acknowledged by several project supporters. They point out that the bulk of these failed transactions are generated by regular arbitrage spam bots.
This is usually not a big problem for users because your wallet will simulate the transaction and let you know that it will not work beforehand anyway,explains Helius CEO Mert Mumtaz.
He also cautions users against increasing the transaction fees to prioritize their transactions, noting that this approach would still lead to asset loss. Meanwhile, the Solana Foundation has committed to resolving the issue in an upcoming network upgrade, though there is widespread skepticism about these assurances.
Solana is currently hosting the Solana Renaissance hackathon until April 8, 2024. This event offers developers and startups a chance to win cash prizes in various sectors, including gaming, social media platforms, and finance. Further details about the hackathon are available in our article.
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