Solana (SOL), one of the biggest gainers of 2023, seems to be struggling due to transaction failures lately. SOL saw the repercussions of this fiasco as its price dropped by more than 8% in the last 24 hours. However, Solana Foundation’s Strategy head opened up about the current situation and announced the steps to be taken ahead.
Solana strategy head opens up
Austin Federa, Head of Strategy at The Solana Foundation in a post stated that the Solana network is, once again, being battle tested with a huge influx of traffic. In order to come out of this situation, he announced that bug fixes would be rolled out over the next week. He believes that things will start to improve.
He added that there is no such silver bullet and no “finished” work for now. However, the Solana network is expecting that the demand will continue to increase, which will require more work to scale up systems to meet the surge in demand.
Federa mentioned that this is what scaling up looks like and stated that this is not a one and done operation. It is expected that this fix might take some time to implement. He further added that there are times when the diverse group of core contributors to this network have shown Solana does.
Later he added that just to say the quiet part out loud, this level of usage would have destroyed the Solana Network of 2022.
FUD or real?
Solana Strategy head stated this is also what happened in early 2022. At that time lots of people laughed at Sol and commented that it would never work. He replied that he didn’t mind the FUD that much.
Due to the recent failure, Solana lost its position as 4th biggest crypto. SOL price dropped by 8% in 24 hours and 7% in the last 7 days. It is trading at an average price of $172.59, at the press time. However, its 24 hour trading volume is up by 57% to stand at $5.57 billion with a market cap of $76.8 billion.
According to data from Dune Analytics, the Solana network experienced an increase in transaction failures with roughly three-quarters of non-vote transactions failing on April 4. It is important to note that the surge in transaction failures has coincided with a rise in complaints from Solana users about failed transactions and a deteriorating user experience.
