Co-founder remarks: Solana faces an 'existential moment”

^{Recently, the Solana network has encountered unprecedented congestion, resulting in a record high transaction failure rate. According to data from Dune Analytics, as of April 4, more than three-quarters of “non-voting” transactions on Solana had failed. . This unprecedentedly high failure rate reflects the huge challenges facing the network, which require effective measures to alleviate congestion and ensure transactions can proceed smoothly.}

^{The surge in failed transactions coincides with a significant increase in network activity, largely driven by the recent craze for memecoins on the platform, resulting in Solana’s transaction volume and number of unique users skyrocketing.}

^{This issue sparked widespread discussion in the Solana community, with users expressing their dissatisfaction with failed transactions and deteriorating user experience on social media.}

^{During this crisis, Helius CEO Mert Mumtaz, an active supporter of Solana, spoke through the X platform and responded to the growing concerns of the community. Mumtaz believes that the reported 75% transaction failure rate is a misreading of the health of the network, noting that the vast majority of failures can be attributed to "bot spam" rather than actual user transactions being hindered.}

^{Mumtaz provides a detailed explanation and an analogy with Web2 operations to clarify the nature of these "failed" transactions. According to him, many failed transactions are the result of smart contracts on the blockchain deeming the request invalid for various reasons, such as lack of permissions or changes in market conditions, rather than problems with the blockchain itself.}

^{Mumtaz’s explanation aimed to clarify the difference between different types of transaction failures, emphasizing that the main concern is the inability to conclude transactions on the blockchain due to the block leader’s capacity constraints. The real problem, he argued, was not Solana’s processing power but excessive junk transaction volume.}

^{Mumtaz explained: “The graph (referring to failed transactions) does not accurately capture the user experience because the vast majority of problems occur before the transaction enters the block.” He assured the community that measures are being taken Measures to address these challenges include improving transaction processing and introducing better incentives to curb spam activity.}

^{Solana’s “Life and Death Moment”}

Ryan, founder of ^{Spectra Cities Rzepecki weighed in on the situation, likening it to Solana’s “existential moment,” comparing its severity to the aftermath of the FTX collapse.}

^{Rzepecki said: “The whole Solana philosophy boils down to whether different applications can share the same chain, and whether composability is more important than sovereignty. In order for this to work, memecoin currency transactions cannot disrupt payments, governance, decentralization Centralized finance and everything else. This is as big an existential moment as the collapse of FTX."}

^{While acknowledging growing dissatisfaction among users and ecosystem partners, Rzepecki concluded by expressing optimism, expressing confidence in the Solana community’s ability to resolve these issues. "To be clear, I'm very confident that these are solvable problems. But as things unfold like this, Solana is losing the confidence of users and key ecosystem partners every day."}

^{Anatoly, co-founder of Solana Yakovenko responded, providing a nuanced perspective on current challenges.}

^{While acknowledging the seriousness of the situation, Yakovenko said, "The interesting thing is that every expansion challenge is an existential challenge."}

^{He further elaborated on the complexity of solving the congestion problem and contrasted it with overall system failure. “Dealing with congestion is much worse than a completely active-dead problem. The latter is a one-off and once the bug is found and fixed, the block continues. The former must go through a complete release and testing process. A quick release is impossible of."}

^{The response from Yakovenko and the Solana developer community reflects a mixture of realism and optimism. The community’s determination to address underlying issues and improve network infrastructure is evident, underscoring their collective efforts to ensure Solana’s durability and success in the face of unprecedented challenges.}

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