Bitrabo Editorial
Solana, a popular public blockchain known for its fast transaction speeds, is facing criticism once again. Analysts are raising concerns over a new issue related to transaction processing.
New Challenges for Solana
A user pointed out that Solana is experiencing alarmingly high transaction failure rates which significantly affect user experience. Despite its reputation for low gas fees and scalability, only 35% of transactions on Solana’s Jupiter DEX aggregator are successful every day, leaving 65% unprocessed.
On some days, the failure rate can exceed 80%, resulting in only two out of ten transactions being confirmed on Solana. This low success rate contradicts the high-speed transaction processing Solana is known for in comparison to Ethereum and Bitcoin.
Despite claims of high transaction processing speed, the inflated Total Processed Transactions Per Second (TPS) on Solana fails to reflect the true performance due to the high rate of failed transactions being counted as successes, giving a false impression of the platform’s efficiency.
When transactions fail, users are burdened with fees for each unsuccessful attempt, penalizing them for using the network and impacting their experience negatively.
Concerns for Financial Institutions Like Visa
The presence of bots flooding the Solana network with low-fee transactions exacerbates the issue, leading to a higher failure rate for regular users who cannot compete by optimizing their gas fees.
This high transaction failure rate on Solana may cause prominent financial institutions like Visa to reconsider their involvement. Users accustomed to reliability and rapid processing speeds in traditional payment systems may hesitate to embrace Solana if major issues persist.
While the high failure rate suggests strong demand, Solana is facing additional challenges. The Solana Foundation recently took action against more than 30 validators linked to enabling Miner Extractable Value (MEV) bot activity, highlighting further concerns within the network.