This was prompted by recent outrage from Solana users on social media complaining about failed transactions and a deteriorating user experience.
In an April 4 post on X's website, pseudonymous altcoin trader Sherpa noted that while he believes #Solana will establish itself as a blockchain network for retailers, the current user experience is not ideal.
I believe #SOL is the network for retail in this cycle, but the user experience lately is just outrageous.
However, in an April 4 post on X, ardent Solana supporter and Helius CEO Mert Mumtaz disagreed with the claim that 75% of transactions fail, noting that most failed transactions without votes are simply "spam from bots.
It's usually not a big problem for users because the wallet simulates [the transaction] and tells you in advance what can go wrong," he said.
Mumtaz said the graph of failed transactions "is not a good way to measure the impact on users because most users never get to it.
"About 95% of this entire graph is bots that have failed in arbitration attempts," he added.
Mumtaz also explained that most spam happens before the scheduling process, so increasing the transaction priority fee won't help, and "increasing it above a certain median" will result in users "wasting money.
He added that Solana's upcoming 1.18 network update is unlikely to fix these issues, suggesting that the user experience on Solana may remain degraded for some time.
"Network patches are needed and will be released soon.
Over the past week, the price of Solana (SOL) has fallen about 3%, stumbling slightly after rising 45% over the past month, and according to CoinGecko, the cryptocurrency's recent weekly drawdown has pushed it down to the fifth-largest cryptocurrency by market capitalization.
SOL currently has a market capitalization of $81 billion, behind the #BNB token (BNB) on the #Binance exchange at $ 89 billion.
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