Fantom Founder Andre Cronje Stands by Solana Despite Rising Transaction Failures
Summary:
Fantom founder Andre Cronje defends the Solana network amid surging transaction failures, attributing them to rapid network growth and increased block space demand. He sees these as technical challenges, not flaws in the consensus mechanism. With a 75% failure rate of non-vote transactions on April 4, Solana users complained about failing transactions and a degraded experience. Solana CEO, Anatoly Yakovenko, voiced his frustration on addressing congestion bugs, which are more complex than total liveness failures. Despite multiple outages and disruptions since 2022, Solana remains optimistic, planning to replace its old loader system, seen as a glitch source.
A recent surge in transaction failures on the Solana network has not dissuaded Fantom founder Andre Cronje from backing the platform. Known as a predominant force in the decentralized finance (DeFi) realm, Cronje remains optimistic about Solana's prospects. Lending his insights on a social platform, he refutes allegations that the congestion on the platform is a weakness; instead, he attributes it to a fast-paced expansion of the network resulting in an elevated demand for block space. Cronje clarified that these operational hitches are technical trials rather than shortcomings in the consensus mechanism.
A sizable upswing in failed non-vote transactions (about 75%) were recorded on Solana on April 4, owing to an upsurge in activity fuelled by the recent popularity of memecoins on the platform, as reported by Dune Analytics. However, the counterargument here is that these figures are often misinterpreted.
As per Cronje, the network is grappling with the downside of its own success. An increase in transaction failures has provoked complaints from Solana users on social media who have experienced difficulties in processing transactions and a decline in user experience. But, there are also voices in the community that echo Cronje's sentiments, emphasizing that blockchain technologies are lauded for their core values and potential. Yet, a temporary dip in user experience, resulting from increased demand, often attracts unjust criticism despite being a consequence of higher utilization.
Solana CEO, Anatoly Yakovenko, also expressed his vexation, mentioning how resolving congestion-related issues is more tasking than fixing complete liveness failures. While the latter can be rectified with the identification and patching of issues, solving congestion glitches requires comprehensive testing and the release of updates, slowing down swift deployment.
This isn't the first time Solana has hit a roadblock. In February 2024, the platform endured a notable outage that caused the network’s block progression to stop for over five hours. Since 2022, Solana has experienced multiple serious outages and around fifteen days of partial or total service interruptions. In a postmortem report of the recent outage, Anza, a software development company specializing in Solana, revealed a glitch in Solana's Just-in-Time (JIT) compilation cache. Austin Federa, head of strategy at Solana Foundation, expressed plans to substitute the problematic loader system with an updated version.
The value of Solana’s SOL cryptocurrency has dipped by approximately 3% over the past week, following a 45% price spike in the prior month. This slump has resulted in SOL falling to the position of the fifth-largest cryptocurrency by market capitalization, with a value of $89 billion, as per CoinGecko data.
Published At
4/6/2024 2:40:32 PM
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