The Solana network, a well-known blockchain platform, had an unbelievable 75% failure rate in deals on April 4, which caused worry in the cryptocurrency community. The rise in missed transactions is due to memecoins becoming more popular on the network, which some call “bot spam.”
Dune Analytics says that many “non-vote” transactions on the network failed. We had never seen such a high failure rate before. “Non-vote transactions” usually refer to SOL activities on the Solana network.
Solana Memecoin Surge Attracts Trading Bots
People have discussed the rise of memecoins on Solana over the past few months. Many meme coin projects have come out on the network and made a lot of funds. But since meme coins have become more valuable, trade bots have come to look for ways to make funds through trading. Many transactions fail when these changes aren’t made, increasing the number of failed transactions.
Mert Mumtaz, CEO of Helis, called the rise in failed transactions “bot spam” and said that most people who were having trouble were trying to finish transactions. Users may not think that failed deals are important, but Mumtaz said that, in the end, they affect how they use the Solana network.
Mumtaz said that raising priority fees might not help because most spam happens before the scheduling process. Fee increases might not help, either. People’s deals are often dropped because bots can spam them faster than people.
Mumtaz said that networking patches were needed to fix the problem and that the planned 1.18 Solana upgrade might not fully fix the problems caused by bot spam. At the same time, the general mood around SOL tokens went negative, and SOL has dropped more than 7% in the last 24 hours.
Reports said that a meme coin project in Solana was stealing $906,000 worth of SOL tokens from people who used it. This made people feel even worse about the network.
Stakeholders are keeping a close eye on what’s going on and looking for ways to fix the problems Solana is facing, such as bot spam and failed transactions.
