- Solana faced transaction failures due to an “implementation bug,” raising concerns about network stability.
- Renowned trader Peter Brandt remained bullish on Solana, foreseeing a doubling in value against Ethereum.
Recently, blockchain networks have faced a surge in “failed” transactions, prompting concerns about network stability. Solana [SOL], in particular, has grappled with an alarming increase in transaction failures attributed to an “implementation bug.”
Addressing the same, Mert Mumtaz, the CEO of Helius Lab in his recent X (formerly Twitter) post noted,
“Solana’s current issue is not a design flaw, it’s an implementation bug.”
Transaction issues within the Solana network
On the 4th of April, amidst the craze for memecoins, over 75% of non-vote Solana transactions failed. However, recent data indicates a slight improvement with the failure rate dropping to 64.8%.
Developers are now eyeing the 15th of April for a fix, aiming to address the issue that led to a significant rise in transaction failure rates.
Mumtaz further highlighted concerns regarding the implementation of “QUIC,” a Google-developed data transfer protocol, by Solana developers.
“An implementation of that protocol has certain deficiencies and bugs right now. However, that doesn’t mean “Solana” has a design flaw — it means it chose a buggy implementation for this part of its design.”
He further remarked,
“What it needs to do is change one of its tires — not change the vehicle type altogether.”
This underscores the importance of swift solutions to maintain the reliability and efficiency of blockchain networks.
In defense of QUIC, Richard Patel, a developer at Firedancer Solana, elaborated,
“Why does everyone blame QUIC? Solana’s “Agave” client falls victim to this problem of taking too long, and it happens to talk QUIC.”
Earlier this week, Matt Sorg, Solana’s Tech and Product Lead in his blog post also came forward to address the concerns, and cited,
“Solana is a highly efficient protocol that hasn’t nearly hit its scaling ceiling. This particular issue doesn’t hit the transaction processing part of the protocol and isn’t an issue of failed transactions.”
Risks associated with the Solana network
Additionally, a recent study conducted by cybersecurity firm Blockaid has underscored the alarming risks prevalent on the Solana network, where scammers are actively perpetrating fraudulent activities.
According to Ido Ben-Natan, co-founder of Blockaid, scammers are specifically targeting investors within the Solana ecosystem, taking advantage of the heightened demand for new tokens.
All these drawbacks have resulted in Solana dropping by 4.63% in the past week. However, amidst these pessimism renowned crypto trader Peter Brandt is still positive about Solana’s future outlook, foreseeing a doubling in value compared to Ethereum.
