Recently, the Solana network has experienced unprecedented congestion, resulting in a record high transaction failure rate. According to Dune Analytics, as of April 4, more than three-quarters of "non-voting" transactions on Solana have failed. This unprecedented high failure rate reflects the huge challenges facing the network, and effective measures need to be taken to alleviate congestion and ensure that transactions can proceed smoothly.
The surge in failed transactions coincided with a significant increase in network activity, largely driven by the recent craze for memecoins on the platform, causing Solana’s transaction volume and number of unique users to skyrocket.