More problems for solana: let's see what the glitch stemmed from

Solana's co-founder, Anatoly Yakovenko, announced on April 5th that the bug causing reduced functionality in the ecosystem has been "identified and corrected." This issue also resulted in transaction errors and a slowdown in block validation. While the technical issue with Solana has been addressed, Yakovenko admitted that implementing other key updates might not be straightforward. Glitch in Solana after the version 1.14 update. In a post on X, Yakovenko admitted that handling congestion bugs is more complex than maintaining an active network for users. "Dealing with congestion bugs is trickier than dealing with a complete outage. In the latter case, you identify the bug, fix it, and the chain continues to operate. In the former case, you need to verify the entire process and test it. Completing the verification quickly is impossible."

Yakovenko's announcement came after the publication of a post by Solana co-founder Raj Gokal on X on April 4th. Here, Gokal explained how they were examining network errors and how a top-notch team of experts was dedicated to resolving them. Since the beginning of March, Solana has faced several transaction management issues, with an estimated failure rate of 77.4%. The network issue has affected users, developers, and other services built on Solana. Dune Analytics data revealed that over 70% of transactions failed since the beginning of April, a significant increase from the 54% level recorded in March. Meanwhile, the Solana Foundation has announced several measures and suggestions to address network congestion issues. For example, optimizing the use of computational units (CUs), encouraging developers to specify a budget for computing units and transactions to avoid resource waste and improve efficiency.

The Solana team also stated that a significant update (v1.18) has been scheduled for April to address congestion issues and improve network performance and reliability. Increase in Solana's operational disruptions. Solana has recovered from the setbacks following FTX's collapse in 2022, which drove down the price of its native token, SOL, below $10. This happened because former FTX CEO Sam Bankman was a major supporter of Solana, which sparked controversy at the time. After the sharp depreciation, SOL's price rose above $200 on March 18th, and it is expected to return to its record price level set in November 2021 by the end of the year.

The platform's revival is mainly attributed to adopting smart contracts capable of facilitating fast and cost-effective crypto transactions. It represents a solid alternative to the Ethereum ecosystem, often congested and imposing high fees. Other factors contributing to the ecosystem's resurgence are related to the success of meme coins on Solana like Bonk (BONK) and dogwifhat (WIF), which have entered the top 50 tokens by market cap and made several traders millionaires.

Technical factors of concern. These factors have contributed to generating significant congestion on the Solana network, slowing down transaction processing, causing delays in communication between nodes, and affecting the platform's overall performance. According to blockchain expert Dagnum-PI's data, Solana is currently congested with an average ping time, the data transmission speed between computer supports, of 20-40 seconds, indicating delays in node communication. The analyst noted a ping loss between 30% and 50%, resulting in delays and errors in transactions. This led to a transaction failure rate between 50% and 80%, highlighting critical issues in transaction processing and network stability.

Dagnum-PI's data also indicated that high levels of spam resulting from meme coin activity and Miner Extractable Value (MEV) have exceeded Solana's management capacity, leading to network interruptions. Now that the value of transactions on Solana has increased significantly, network interruption issues have raised concerns. The impact of congestion could further complicate blockchain issues. According to CryptoManiaks data, Solana has experienced nine operational disruptions since 2021, with over 150 hours of downtime. For example, network congestion last October led to position liquidations and a severe user exodus from the platform. The network experienced downtime in February, resulting in five hours of service interruption.