According to trader and digital asset investor Dan Smith, there is an issue with spam transactions on the Solana (SOL) blockchain. The cryptocurrency enthusiast described how spammers increase the quantity of unsuccessful transactions on the blockchain network in a series of X posts.
According to Smith, a “real user” on the Solana blockchain typically sends fewer than 50 transactions every day, and at an 8% failure rate, only one transaction out of every ten is successful.
According to the X article, 97% of addresses belong to the category of “real users,” and they are all accountable for 0.6% of all unsuccessful transactions. Smith continued, saying:
“It is obvious that any address sending more than 5,000 texts a day is a bot. 879 addresses met this threshold yesterday, accounting for 95% of all failed transactions, with a failure rate of 79%.”
Smith concluded that Solana has a “abundance of spam” problem after pointing out that 0.1% of the addresses were in charge of 95% of the unsuccessful transactions because of the large quantity of spam transactions.
The discussion started off with BitMEX exchange co-founder Arthur Hayes saying that Solana has been decimated by the massive amount of meme coins. Calling Solana’s TPS “bullshit,” Hayes continued, “investors have started trading these meme coins heavily,” which has caused 75% of blockchain transactions to fail.
Smith said that Solana TPS might be “bullshit” when looking at “real user” metrics, but it’s important to remember that even with a high failure rate, validators still need to spend resources on failed transactions, which gives Solana TPS a better technical image.
April 2024, Cryptoniteuae
