Solana

Bank AI

DeFi

<div class="finbold">
 <p class="paragraph">The decentralized finance (DeFi) crypto project Solana (SOL) has experienced a significant surge in investor interest, propelling the native token to rally to new heights, with meme coins launching on the platform also garnering significant attention.</p>
 <p class="paragraph">Amidst this surge in interest, on-chain data indicates that the Solana network is currently experiencing severe congestion, with significant implications for transaction processing and network performance.</p>
 <p class="paragraph">In particular, data shared on X (formerly Twitter) on March 17 by <em>Dagnum_PI</em> pointed out that the average ping time on the Solana network is reported to be between 20-40 seconds, indicating delays in communication between nodes. The metrics recorded on March 16 generally impact transaction confirmation times and overall network responsiveness.&nbsp;</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Was the meme coin boom a top signal for crypto? <span class="self-center text-xs text-slate-500">35 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bitcoin on the cusp of hitting the danger zone; Here’s why <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    What will Bank of England’s rate decision be this week? <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    DeFi volume growth resembles 2021’s bull market <span class="self-center text-xs text-slate-500">5 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="680" height="309" src="https://cdn.thebittimes.com/images/2024/03/18/2cf773f4347ff777a4f66fc319194948.webp" alt class="wp-image-161767" srcset="https://cdn.thebittimes.com/images/2024/03/18/2cf773f4347ff777a4f66fc319194948.webp 680w, https://cdn.thebittimes.com/images/2024/03/18/2cf773f4347ff777a4f66fc319194948.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
  <figcaption class="wp-element-caption"><em>Solana average ping time as of March 16. Source: SolScan</em>
  </figcaption>
 </figure>
 <p class="paragraph">Additionally, ping loss is significant, ranging from 30-50%, exacerbating congestion and contributing to transaction failures and delays. At the same time, the data indicated that up to 50-80% of transactions are failing on the Solana network, highlighting critical issues with transaction processing and network stability.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-solana-s-lower-tps-nbsp">Solana’s lower TPS&nbsp;</h2>
 <p class="paragraph">According to the post, despite claims of achieving a transaction processing system (TPS) of 50,000, the observed TPS under full <a rel="noopener noreferrer nofollow" title="network" href="https://thebittimes.com/tag/network.html">network</a> conditions, with significant <a rel="noopener noreferrer nofollow" title="congestion" href="https://thebittimes.com/tag/congestion.html">congestion</a> and wait times of 30-50 seconds, is much lower</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="679" height="308" src="https://cdn.thebittimes.com/images/2024/03/18/db0ef2715aa18fd46e7329a85f1efeb4.webp" alt class="wp-image-161769" srcset="https://cdn.thebittimes.com/images/2024/03/18/db0ef2715aa18fd46e7329a85f1efeb4.webp 679w, https://cdn.thebittimes.com/images/2024/03/18/db0ef2715aa18fd46e7329a85f1efeb4.webp 300w" sizes="(max-width: 679px) 100vw, 679px">
  <figcaption class="wp-element-caption"><em>Solana TPS: Source: SolScan</em>
  </figcaption>
 </figure>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“In reality, under full network conditions with 30-50s wait times, Solana maxes out at 1100-1200 TPS. This has been observed consistently over the past 2 years during Solana congestion,” he said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">Interestingly, vote transactions are included in the claimed TPS of 50,000, which may not reflect the actual throughput available for non-vote transactions. This discrepancy between advertised and observed TPS could contribute to user dissatisfaction and misrepresentation of <a rel="noopener noreferrer nofollow" title="network" href="https://thebittimes.com/tag/network.html">network</a> capabilities.&nbsp;</p>
 <p class="paragraph"><em>Dagnum_PI</em> suggested that the high levels of spam and Miner Extractable Value (MEV) from meme coin activity are overwhelming the network’s capacity, leading to transaction failures and delays.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-solana-s-history-of-outages-nbsp">Solana’s history of outages&nbsp;</h2>
 <p class="paragraph">It is worth noting that with Solana’s value rising, the <a rel="noopener noreferrer nofollow" title="network" href="https://thebittimes.com/tag/network.html">network</a> has in the past been plagued with concerns regarding outages, and the impact of the <a rel="noopener noreferrer nofollow" title="congestion" href="https://thebittimes.com/tag/congestion.html">congestion</a> could further complicate matters for the blockchain.</p>
 <p class="paragraph">High rates of transaction failures can lead to frustration among users and developers, undermining confidence in the Solana network’s reliability and, consequently, having a negative impact on assets associated with the network – such as SOL.&nbsp;</p>
 <p class="paragraph">Indeed, Solana has been marketed as a fast and cheap blockchain, often considered a potential ‘Ethereum (ETH) killer’. However, it has been plagued by concerns regarding high fees.</p>
 <p class="paragraph">Meanwhile, by press time Solana was trading at $194, having rallied almost 1% in the last 24 hours. Over the past seven days, SOL is up over 35%.&nbsp;</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/solana-s-network-hit-with-massive-congestion-will-sol-retreat-tbt82783.html">https://thebittimes.com/solana-s-network-hit-with-massive-congestion-will-sol-retreat-tbt82783.html</a></p>

Solana’s network hit with massive congestion; Will SOL retreat?

Table of Contents

TheBitTimes

Other articles published on Mar 17, 2024

Investors Set Eyes on Manta Network’s Token Release

Solana Dethrones Ethereum, SOL Co-Founder Breaks Silence

Solana (SOL) Surges as Market Recovers

Introducing Book Of Meme (BOME), The Latest $1 Billion Crypto Sensation

XRP poised for gains as new AI altcoin eyes major growth

Vanguard CEO Remains Against Bitcoin Despite Price Surge

Join our free newsletter for daily crypto updates!