Bittime - Nearly three-quarters of transactions on the Solana network ($SOL) failed. This occurred due to a surge in activity triggered by the recent memecoin fever.
Despite this, supporters of Solana ($SOL) argue that the data is often misinterpreted.
Why Do 75% of Solana Transactions Fail?
Based on data from Dune Analytics, on April 4, more than 75% of non-vote Solana transactions failed. This figure is the highest failure rate ever recorded.
Recently, Solana has experienced significant improvements. However, this increase was accompanied by an uproar on social media from Solana users who complained about failed transactions and decreased user experience.
On April 4, a trader under the pseudonym Altcoin Sherpa posted on X that while they still believe Solana will be a strong blockchain network for retail adoption, he noted that the current user experience is far from ideal.
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Is Transaction Failure Caused by BOT Spam?
However, in a post on
He stated that most of the failed non-voting transactions were actually just BOT spam.
Also read: Dissecting RWA and the Promising Potential of Digital Assets
Strong reasons for transactions to be carried out by BOT spam
The impact of transaction failure on users is minimal. According to Mumtaz, the transaction simulation on the user's wallet will notify them if the transaction will not be successful. This minimizes the negative impact on users.
The failed transaction chart does not reflect the user impact. Mumtaz said the chart was inappropriate for assessing the impact on users because most transaction failures came from bots attempting arbitrage, not regular users.
The majority of transaction failures come from bots. Mumtaz estimates that about 95% of the transaction failures in the chart came from bots failing arbitrage attempts.
Soaring BOT Spam Activity?
Mumtaz explained that the majority of spam activity occurred before the scheduling process. Therefore, increasing transaction priority fees will not be effective.
Raising fees above a certain median will actually hurt users because they will waste money.
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Solana Price
Solana price saw a decline of around 3% in the last week. This decline occurred after a 45% rally achieved in the previous month.
As a result, Solana fell again to fifth position as the crypto asset with the largest market capitalization, based on data from CoinGecko. The total value of SOL currently stands at $81 billion, trailing Binance's $89 billion BNB token.
Price $SOL/IDR Today
Based on the Bittime market today, Friday 5 April 2024, the price of SOL/IDR was observed to have decreased by 4.11% in the last 24 hours. Currently the price of SOL to IDR is IDR 2,806,097.
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime .
Monitor price chart movements for Solana (SOL), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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