News
07
Apr
solana

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Solana blockchain clogged due to high transaction volume

Solana is one of the most popular smart contract platforms and Ethereum’s most significant challenger. Its SOL token is currently the fifth largest cryptocurrency in market cap.

Solana has become the subject of a heated social media discussion lately. Solana users are tormented by network spamming, which causes more than 70 percent of transactions to fail. This makes using Solana quite challenging.

The embed X post explains the issue.

Solana’s problem is its tremendous popularity. Solana has become the leading “meme casino” in the crypto industry, where hundreds of new meme coins are created every day. Many investors have built trading bots that seek to exploit arbitrages in the volatile meme market.

Solana’s blockchain currently processes around 2,500 transactions per second. However, the capacity of validators (servers) is insufficient to process all transactions.

One should remember that every popular blockchain faces similar growing pains sooner or later. Bitcoin and Ethereum have also been long criticized as unusable for small transfers.

In the case of Bitcoin and Ethereum, the flexibility comes from transaction fees, which become very expensive as the network load increases. This stops the spam immediately. There is no similar mechanism in Solana.

The current situation is not yet a significant issue for Solana. It becomes one if users start to move to competing platforms. For example, Base’s popularity has begun to rise in recent weeks. Currently, no major trend shows users have given up using Solana. The trading volumes of decentralized exchanges are very high day after day.

Solana’s developers are working to solve the problem in the next few weeks. The Firedancer update, available at the end of 2024, will also raise the network capacity to a new level.

The recent spamming issues have not significantly impacted Solana’s price. The SOL token has underperformed its peers this week but is one of the best monthly performers on the top 20 crypto rankings list.

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