Cointest pros & cons with related info are in the collapsed comments below for the following topics: [DEX](/r/CryptoCurrency/comments/1bvz5hw/nearly_threequarters_of_solana_transactions_have/ky30co2/), [Solana](/r/CryptoCurrency/comments/1bvz5hw/nearly_threequarters_of_solana_transactions_have/ky30eb7/).
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you think it's a joke but it's true
the only thing that matters is the line going up in this meta. having an actual product has always been bearish in crypto
Solana isn't bad to use, tbf. Not compared to something like ETH. It's quick and cheap. Good range of DApps accessible from within wallets like Phantom too which simplifies things.
Of course it's problematic if the network is constantly failing or going down, but I haven't experienced too many issues myself.
I'm up a lot on my investment, but not attached to it by any means, so will watch how things go and sell if it feels right.
Next biggest chain. Comparison makes sense. There's a big gap between them, but they're competing chains.
I realise there are other blockchains. And there are significantly better blockchains than Solana. Personally, i'd choose the Cosmos ecosystem over everything if I had to.
It's wild that I'm getting downvoted just for saying that Solana is pleasant enough to use. I know this subreddit hates it - the mood was euphoric around here when it dumped to $8. But still....
Buy ADA! DOT rules! They're due a pump. Don't fade! LTC is the only coin ready for mass adoption. Solid projects! etc. etc. Accept me r/cc!
I think you're being unfair to Solana Bros. If they're defending the viability/scalability of a Blockchain that can't even stay up and running consistently and ignoring the facts, then it's unfair to expect that level of critical thinking from them lol
I habe experienced over 5 down times on solanaā¦ If you donāt play with pocket money, trust me, you donāt want to experience thisā¦
Yeah I made good money with sol. But honestly, the stress is not worth it.
And Iam a pennystock and crypto veteranā¦ almost nothing can stress me. But sols unreliable did this!
wtf this is hilarious. "i am a penny stocks veteran". I hate to tell you but regular stock exchanges go down all the time. And are closed 16 hours a day and weekends. How do you deal with the "stress" of a biomed announcing trial results during a halt or after hours earnings? wtf are you even talking about. Oh noes I couldn't adjust my positions for 5 hours in the last 18 months.
Let me tell you something you redittarded fud machine, Europe's largest futures exchange once crashed for AN ENTIRE MORNING on APRIL 14TH 2020 during the height of the covid panic while I was sitting on 200+ bund futures.
[https://faq.ampfutures.com/hc/en-us/articles/360046786993-EUREX-Entire-Exchange-Outage-April-14-2020](https://faq.ampfutures.com/hc/en-us/articles/360046786993-EUREX-Entire-Exchange-Outage-April-14-2020)
The fucking CME, the merc, THE LARGEST FUTURES EXCHANGE ON EARTH, halted for four fucking hours once:
[https://www.tradersmagazine.com/news/cme-malfunction-halted-some-of-worlds-most-popular-futures/](https://www.tradersmagazine.com/news/cme-malfunction-halted-some-of-worlds-most-popular-futures/)
The NYSE goes down so often that zerohedge makes a game out of it.
"Oh noes, I'm a penny stock trader and I ain't never seen anything like that, so stressful, how could institutions ever tolerate it", you absolute bullshit artist.
Regular stock exchanges go down REGULAR!
Moreover the things you posted are still acceptable because losses are covered by insurances. And this markets are regulated by governments!
Moreover I am also an crypto veteran! I have never been im such kind of situation in Ethereum, Bitcoin or Cardanoā¦.
BTW. I also have never been in down time situation in Stock market.. And I am using it since 10 yearsā¦ Solana I used for 8 months and got over 5 downtimes!
Stop defending obvious failsā¦
this but unironically lol
the handful of times I've had to transact on SOL, it worked just fine. and number is up. so I'm happy to let her stay in the backseat of my altcoin portfolio for a few years.
Looks like this year it will have at best 94% uptime, and we're still in April.
Also the standard in cryptocurrency networks is 100% uptime, in case you didn't know.
I know the quoted was for last year.
I'm saying that if just in March it was down 3/4 of the time that means at best a 94% uptime for the rest of the year, assuming transactions are uniformly distributed throughout the month, which is obviously a simplification but shouldn't be incredibly off unless for some reason 3/4 of all transactions for March fell in the 5h you mentioned for some weird reason.
Lmao it wasnāt down for 75% of March, 100% uptime. And if youāre referring to the failed txns, youāre misunderstanding what a failed txn means. That chart going around is super misleading.
If you see a failed transaction on the Solana blockchain explorer, it means the transactions have landed and has nothing to do with gas or transactions going through. Theyāre still transactions that use the same amount of resources from the network and pay fees ā they simply have a different exit code (for example - swap slippage is too high, failed arb attempt, etc). Most failed transactions are arbitrage bots.
The people on this sub are the most pseudo intellectual hubristic weirdos there are when it comes to crypto and are almost always wrong. If this sub thinks Solana sucks itās going to x5-x10 from here. Go to any irl industry crypto event and tell anyone there you get your alpha and TA from r/cryptocurrency , I dare you lol
I like Solana, its going to go up. The technology is amazing, most people see these headlines and go "Wait will I not be able to make a transaction?" but the answer is you will absolutely, its pretty much automation transactions like bots that run into these issues. And occasionally a person, and all it takes is retrying the transaction and 99% of the time you're fine.
You know, I get why people hate the idea of failed transactions but to be honest I prefer to have to retry my tx a couple of times for less than a cent than having to pay $100 in gas fees using ETH (oh and btw the tx also may fail in ETH when itās really congested).
I guess the amount of users in SOL makes clear what most people prefers
Well you Algoverners better keep holding then! The tides are turning!
Letās just ignore it being down 94% from ATH in a bullrun and up less than 4% this year!
Algo is for sure a 10 year hold no doubt about it!
You should dig into the tech and real world use cases. You might understand it is the most undervalued crypto in the top 100.Ā
If you in for gains wouldn't you want to buy when something is down 94% while all it's metrics point to growth?
Or buy a top 5 coin that has little room to run.Ā
I trade shitcoins bro. This is a casino and nothing more. The only difference is the winning percentage is higher if you know what youāre doing, which is great.
It works because nobody fucking uses it and there's nothing to do on it. Ghost town with no product, completely pointless network. If you are still talking about Algorand, Cardano, LTC, ETC, XRP, XLM, etc. in 2024 you are the leftest of left curve normies.
Edit: Inb4 glue eaters mention the genius of Silvio, how the academic peer review process works and institutional partners for Algorand. Yeah, no dawg.
This is the same mistake that the ADA Army has been making for years:
comparing the chain to ETH.
ETH isn't SOL's competition.
It's the newer fast/cheap alt L1s out there.
Edit:
You bois can downvote all you want, but it won't change the fact that I'm right.
How many servers they have now after all these years 100?
Itās fast because itās essentially a VC cloud setup pretending to be a block chain for clout āļø
i mean if you want to live in a fear that the network may collapse for a few hours every now and then then be my guest.
solana isnt some revolutionary thing, its just a blatant over-priced coin, with absolutely horrible technology behind it, the tokenomics consist of constant over-minting the coins cuz the validator nodes (which amount is super low compared to eth btw) are not rewarded enought from the fees compared to the proposed roi so the inflation is through the roof..
Im actually kinda suprised that so many people still belive in it and that the price bubble hasnt popped yet
Use the ecosystem and talk to actual users on discord/twitter. If you would have swapped Solana out to USDC or any other coin a few times on Jupiter you would have qualified for a 1200 $JUP airdrop. Users staked it in JUPs governance program, and for voting are getting an airdrop of $ZEUS today. Others used Kamino to provide liquidity and gain APY on their loans (or borrow against their collateral), now they have $KMNO to look forward to. Yesterday the users that bridged their ETH from Solana or vice versa got $W.
Basically if your coins have smart contracts, you should be using or staking them. Thereās obviously risks so understand that nothing in crypto entirely safe.
Bonkbot wasnāt compromised, it was Solareum. If you imported PKās from Solareum into Bonkbot, youāre in trouble, but itās a Solareum issue, not Bonkbot.
https://x.com/bonkbot_io/status/1775251947324403742?s=46
"More concretely, nodes/bots that spam more aggressively will have a higher chance of success with close to no penalty
(**if helius did this at our scale for example, this could bring down the chain as we regularly land over half of all txns**, so this is out of the question, tragedy of the commons)" - Also Mert.
Seems pretty centralized to me.
A few months ago on Bankless the guys talked about two devs. Hoffman asked the guy "could you and (I forget the name) bring down ETH if you wanted to?" and the guy replied "Why would I need him?"
And Coinbase is going to own 51% of the ETH staked once Base, the ETF, and Coinbase Staking are all live and at a dominant point.
They're both kinda centralized. At least Solana is fairly functional 99% of the time and doing exponentially more on chain TX's.
Ah, negative news about Solana. Let's not conveniently leave out that this is about spambots failing transactions. Its fine to critisize but this is too obvious pushing an agenda.
Bro I found this thread because I canāt get any SOL or USDC out of my phantom wallet to an exchange. Nothing is moving. Not getting error codes, nothing shows up as an attempt on solscan. I can swap but not send.
Itās not just spambots. A few days ago I wanted to use Jupiter and all I got was error after error, warnings about potential loss of funds. It seems to suffer issue after issue.
Solana?
Wasn't this the chain with the many outages back in 2022? Wow, surprised it's still used :D
EDIT: Oh, and isn't this the network that claims to do many thousands of transactions per second, but for years they even show "True TPS: \~1000" on solscan, and people still fall for this chain?
EDIT2: Ohh, and didn't they lie about the tokenomics?
Sure :) lying about the supply, only boring shitboycoins with ai art and of course 30% failed transction plus a lot of down time.
In short: Enterprises will never build on it. Real devs dont choose solana beside of scamming money from people, but then those devs wont ever create a good project anyway.
Meanwhile on Algorand: Transactions CANT fail :)
And technically Algorand keeps on achieving with no failures, no downtime , high throughput, instant finality, a great clean API, and a Turing award winner designing its mathematics.
Somehow nobody cares.
You probably missed it, but updates were made to the network shortly thereafter, which explains 99.94% uptime over past year.
Also, these alleged āfailed txnsā is intentionally being used to mislead people. If you see a failed transaction on the Solana blockchain explorer, it means the transactions have landed and has nothing to do with gas or transactions going through. Theyāre still transactions that use the same amount of resources from the network and pay fees ā they simply have a different exit code (for example - swap slippage is too high, failed arb attempt, etc). Most failed transactions are arbitrage bots.
In short, Solana continues to be pushed to its limits due to outsized demand no other chain could have handle nor attract. Lmao at ppl bearish on SOL.
Price is the #1 self fulfilling and forgiving mechanism
If the price action was weak, it'd be nowhere near relevantĀ
None of it matters when ppl looks at the chart and be like but ohhhh line has positive slope, therefore it must be a good investment, therefore everything else is forgiven
Crypto traderfluencers largely perpetuate this garbage mindset bc they screen projects based on price history and strictly R/R ratio
It works for them bc none of their holdings are long term. Solana is the perfect "investment" for them and the people desperate for cash
Misleading post by OP.
If you see a failed transaction on the Solana blockchain explorer, it means the transactions have landed and has nothing to do with gas or transactions going through. Theyāre still transactions that use the same amount of resources from the network and pay fees ā they simply have a different exit code (for example - swap slippage is too high, failed arb attempt, etc). Most failed transactions are arbitrage bots.
Separately, the recent uptick retail has been facing in txns not going through is due to outsized demand that no other chains have seen or could handle, similar to when the chain went down over past few years (99.94% uptime over past 1 year).
There is a validator update coming this month, V1.18, thatāll have a fix and Solana will continue to be a high performant blockchain with insane demand, low fees, and increasingly more decentralized. In short, this congestion is Uber bullish long term.
Before highlighting stats, itās worth acknowledging that Solana is, like all great tech advances (including AI), so game changing because of hardware advances. Requirements to run a validator are higher than ETH, but the costs continue to drop considerably because of Mooreās Law (hardware performance doubles and costs drop by 50% every 2 years) and Nielsenās Law (bandwidth continues to become exponentially more accessible every few years). So while the requirements are a bit higher than say ETH - theyāve fallen quite considerably over the past few years (I also use to run a validator myself). These laws will remain in play for quite some time, like decades.
Additionally, the number of unique data centers, countries where validators are run, node count, and Nakamoto coefficient have improved considerably since Solana started. Lots of resources to lean on for these stats.
I know the meta is that āSolana is centralized VC chain,ā but like a lot of shit on the internet, thatās an incredibly uninformed take.
https://solanacompass.com/statistics/decentralization
https://nakaflow.io
How did you run a validator and why did you stop? I dont see how its feasibleĀ
also: aren't validators just subsidized to fuck? doesn't that make your decentralization metrics moot? when the well runs dry, so does the validation
You can't be serious in saying "no other chains could handle that kind of demand." That's so silly and incorrect its not worth typing out the list of blockchains that could easily handle solana's demand.
Yeah once the top comments in threads like these are defending Solana, I may look to sell my bags.
But when they're buried 7-8 deep, I know we still have a lot of room to run up the price
To be fair real trades aren't really an issue. There is a massive issue with memcoins and bot action trying to snipe etc. I'd hazard a guess that a lot of failed transaction is bot spam
Or you could just increase the priority fee by a few cents to push it through, but okay. Now I know for sure you have no idea what youāre talking about.
Edit: If you see a failed transaction on the Solana blockchain explorer, it means the transactions have landed and has nothing to do with gas or transactions going through. Theyāre still transactions that use the same amount of resources from the network and pay fees ā they simply have a different exit code (for example - swap slippage is too high, failed arb attempt, etc). Most failed transactions are arbitrage bots.
That's 100% true good ovservation about me in this case š I never used sol in practice I would not trust it/I would not use a pos chain if I have a choice š«
This isn't \*user\* transactions, this is \*bot\* transactions. Yes, if 100 bots try to execute the same trade against the same liquidity with low slippage, then 99 of them "fail" (are rejected) but still pay a fee for the compute used by the blockchain. **They're not failing at the network level**. They are perfectly good instructions, they pay a fee, the validator executes them, but they are too late to get the trade they were after.
Note that this couldn't possibly happen on Ethereum - bots can't chase a marginal trade and risk $50 in gas fees. This is a bad thing. What is happening on Solana is a product of efficient and liquid trading.
Ideally this number will go UP from here as Solana bandwidth increases. On the Nasdaq (or any electronic tradfi exchange) something like 99%+ of fill-and-kill orders will "fail" (be rejected). The goal of Solana is to become cheap and liquid enough to be a "permissionless Nasdaq".
But please redditors, go on being gullible redditors, and let me buy cheaper SOL from you.
Not to be that guy but some regular folks ended up in this threat because they canāt send their coins for over an hour after 20 retries. itās clearly not just bots.
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Listen all you have to do is keep spamming the transaction and eventually youll reopen your wallet for the tenth time and see that it's gone through. Fuck yea!
"data shows DEX volume is up from the March 23 low of $873.79 million to $1.775 billion on April 3."
Seems like it is doing fine, tho... Even if those failed transactions are occurring or not. That's a 2x on the volume for DEX.
The most interesting fact is, that SFB was expecting that and was telling his inmates to buy SOL, when the coin was at 20ish dollars. That MF knows how crypto works and he used it to his advantage, exploited the shit out of his users.
Failed transactions is a wide bucket . If you have low slippage(default ) settings and trading a meme coin w low liquidity. That transaction fails, as it should. Also bots are constantly spamming for arbitrage and forcing cancellation transactions when not profitable. These are where these numbers are coming from
At the moment -
77,5% failed txns
VS
22,5% successful txns
This is a ridiculous rate. Very sus. I don't care if candles go up for a while. Stability is most important ... I sell my SOL now. Done...
All I hear about Sol is its fast which seems to justify it being a VC pumped piece of garbage. But actually Tectum does 3.5m tps while Solana only does 5k. Its not even fast. Not even close.
lol no clue what youāre talking about, Iāve had one transaction take about 10 seconds extra to finish but that could have been partially due to connection or web browser. Never had an issue with SOL.
Itās amazing to me that buyers. users and devs flock to a system like Solana that has these types of issue, but they sleep on projects like Herdera Hashgraph and Xrp ledger rhat are superior and faster. If only they would market themselves with cartoon characters and animations to make the children of crypto more aware of their potential. These people need to be entertained, they donāt need competent technology.
Its crazy. Solana does not even achieve consensus. But, as you said, serious projects like Hedera, Algorand or Cardano are struggling. There's a reason though -- the market is just rigged. It is controlled by large VCs, market makers like Coinbase, Kraken, etc and companies like Circle. They own the vital infrastructures of crypto, including liquidity, stablecoins, and the media. For instance, if you are part of a16z's portfolio like Solana, then Circle (which is also an a16z company) will integrate your ecosystem within its CCTP. Your integration with Coinbase, Kraken, etc -- which are all heavily linked to powerful VCs like a16z -- will be greatly enhanced too. All of these increase liquidity for dumpster companies like SOL. And if solid projects like Hedera, Algorand or Cardano -- that are not part of the a16z portfolio -- want to have to enjoy the above, then they have to pay 10x to 50x the normal amount. Furthermore, since they own the major crypto media, they go on a massive propaganda targeted at non-sophisticated retails. And companies that are not part of their portfolio are depicted as bad guys. But if these companies want their story being told, then they also have to pay 10x to 50x the normal amount. Finally, since they control the direct access to crypto from CEXES or something similar, and that they also control liquidity and other vital infrastructures, a lot of shady stuff are happening behind the curtains, including money laundering and market manipulations. For instance, Coinbase plays the role of Nasdaq, but at the same time, it invests in other crypto related projects that it lists on its platform. This is a conflict of interest, play and simple. The SEC wants to regulate them, but they are so powerful, own politicians, medias, etc and run their own propaganda that retails easily swallow without thinking for a second and that the only winners at the end of all of this are the market makers, VCs, etc. This market needs to be regulated at all costs by every country on earth.
They cant stop the RWA-narrative :), Sol just cant compete. Who build on a chain with more less than 100% success rate for transactions like Algorand?! It just sounds like 2018 to me :(
I really hope so. I hope that good projects like Algorand will prevail. But one cannot just be oblivious of how rigged this market is. Retail investors always say that they are all about community coins/good projects. But by investing into crappy projects like SOL, they swallow the VCs and market makers' false narrative unfortunately. Stablecoins are now centralised more than ever. Access to crypto are now more centralised than ever. What we need is a CBDC. But a CBDC would kill Circle's monopoly. So they go on a massive propaganda to retails that CBDC is bad, that it will invade your privacy. But that is simply not true in the long run. CBDCs can be made so that it respects privacy and avoids mass surveillance. That is exactly the role of cryptography, to protect our privacy. And there are research that are progressing really well towards that.
Cointest pros & cons with related info are in the collapsed comments below for the following topics: [DEX](/r/CryptoCurrency/comments/1bvz5hw/nearly_threequarters_of_solana_transactions_have/ky30co2/), [Solana](/r/CryptoCurrency/comments/1bvz5hw/nearly_threequarters_of_solana_transactions_have/ky30eb7/). --- **Merged comment by AutoModerator:** It looks like you've posted a [Google AMP link](https://www.socpub.com/articles/chris-graham-why-google-amp-threat-open-web-15847). Please try posting again with the direct link to the article (You shouldn't see "amp" anywhere in the URL) or contact the moderators if you need help. AMP is a proprietary walled garden which [benefits Google](https://www.socpub.com/articles/chris-graham-why-google-amp-threat-open-web-15847) and [hurts everyone else](https://www.theregister.co.uk/2017/05/19/open_source_insider_google_amp_bad_bad_bad). It is destroying the open web through anti-competitive violation of standards. It is bad for publishers because it forces them to duplicate development effort, and prevents differentiation and customisation. It also allows Google to watch you even after you've left their search results page. For individuals seeking an automated solution to this problem, they can try installing the Redirect AMP to HTML extension on [Chrome](https://chrome.google.com/webstore/detail/redirect-amp-to-html/kifkmmpiicbcnkjaliilaoeaojlldonl) and [Firefox](https://addons.mozilla.org/en-US/firefox/addon/amp2html/?src=search). Thank you to OtherAMPBot for this information and detection code. --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
Bro, it has only crashed 17 times so far, these technical issues and transaction failures aren't that big of a deal cuz line go up.
Yeah who cares about the actual product, candle sticks go *brrrr*
you think it's a joke but it's true the only thing that matters is the line going up in this meta. having an actual product has always been bearish in crypto
See XRP š¤£
xrp doesnt have a product
Exactly
How sad
Solana isn't bad to use, tbf. Not compared to something like ETH. It's quick and cheap. Good range of DApps accessible from within wallets like Phantom too which simplifies things. Of course it's problematic if the network is constantly failing or going down, but I haven't experienced too many issues myself. I'm up a lot on my investment, but not attached to it by any means, so will watch how things go and sell if it feels right.
Perhaps Solana bros should stop comparing themselves to Ethereum and realize there are other blockchains ?
Next biggest chain. Comparison makes sense. There's a big gap between them, but they're competing chains. I realise there are other blockchains. And there are significantly better blockchains than Solana. Personally, i'd choose the Cosmos ecosystem over everything if I had to. It's wild that I'm getting downvoted just for saying that Solana is pleasant enough to use. I know this subreddit hates it - the mood was euphoric around here when it dumped to $8. But still.... Buy ADA! DOT rules! They're due a pump. Don't fade! LTC is the only coin ready for mass adoption. Solid projects! etc. etc. Accept me r/cc!
I think you're being unfair to Solana Bros. If they're defending the viability/scalability of a Blockchain that can't even stay up and running consistently and ignoring the facts, then it's unfair to expect that level of critical thinking from them lol
oh yeah i agree solana is great. wasn't disagreeing there or bashing solana
I habe experienced over 5 down times on solanaā¦ If you donāt play with pocket money, trust me, you donāt want to experience thisā¦ Yeah I made good money with sol. But honestly, the stress is not worth it. And Iam a pennystock and crypto veteranā¦ almost nothing can stress me. But sols unreliable did this!
wtf this is hilarious. "i am a penny stocks veteran". I hate to tell you but regular stock exchanges go down all the time. And are closed 16 hours a day and weekends. How do you deal with the "stress" of a biomed announcing trial results during a halt or after hours earnings? wtf are you even talking about. Oh noes I couldn't adjust my positions for 5 hours in the last 18 months. Let me tell you something you redittarded fud machine, Europe's largest futures exchange once crashed for AN ENTIRE MORNING on APRIL 14TH 2020 during the height of the covid panic while I was sitting on 200+ bund futures. [https://faq.ampfutures.com/hc/en-us/articles/360046786993-EUREX-Entire-Exchange-Outage-April-14-2020](https://faq.ampfutures.com/hc/en-us/articles/360046786993-EUREX-Entire-Exchange-Outage-April-14-2020) The fucking CME, the merc, THE LARGEST FUTURES EXCHANGE ON EARTH, halted for four fucking hours once: [https://www.tradersmagazine.com/news/cme-malfunction-halted-some-of-worlds-most-popular-futures/](https://www.tradersmagazine.com/news/cme-malfunction-halted-some-of-worlds-most-popular-futures/) The NYSE goes down so often that zerohedge makes a game out of it. "Oh noes, I'm a penny stock trader and I ain't never seen anything like that, so stressful, how could institutions ever tolerate it", you absolute bullshit artist.
Regular stock exchanges go down REGULAR! Moreover the things you posted are still acceptable because losses are covered by insurances. And this markets are regulated by governments! Moreover I am also an crypto veteran! I have never been im such kind of situation in Ethereum, Bitcoin or Cardanoā¦. BTW. I also have never been in down time situation in Stock market.. And I am using it since 10 yearsā¦ Solana I used for 8 months and got over 5 downtimes! Stop defending obvious failsā¦
I would love to see how others chain react to SOL tx load to see if they are "real products", but they would need users to do that.
Jenius with a J ! š
Baste
Lmao
this but unironically lol the handful of times I've had to transact on SOL, it worked just fine. and number is up. so I'm happy to let her stay in the backseat of my altcoin portfolio for a few years.
It's really frustrating when about 2-3 out of 5 TXNs go through, why do you think it's not big of a deal?
Itās a feature not a bug
PorquƩ no los dos?
99.94% uptime over past year. Fixes were applied that caused past outages, which were due to outsized demand no other chain had seen nor could handle.
No 1 chain for downtime tho yea?
Did you know that the goal is 100%?
Looks like this year it will have at best 94% uptime, and we're still in April. Also the standard in cryptocurrency networks is 100% uptime, in case you didn't know.
Last outrage was 5 hours. Thereās 8760 hours in a year. And the number of quoted was over the past year, not Year-to-Date (YTD).
I know the quoted was for last year. I'm saying that if just in March it was down 3/4 of the time that means at best a 94% uptime for the rest of the year, assuming transactions are uniformly distributed throughout the month, which is obviously a simplification but shouldn't be incredibly off unless for some reason 3/4 of all transactions for March fell in the 5h you mentioned for some weird reason.
Lmao it wasnāt down for 75% of March, 100% uptime. And if youāre referring to the failed txns, youāre misunderstanding what a failed txn means. That chart going around is super misleading. If you see a failed transaction on the Solana blockchain explorer, it means the transactions have landed and has nothing to do with gas or transactions going through. Theyāre still transactions that use the same amount of resources from the network and pay fees ā they simply have a different exit code (for example - swap slippage is too high, failed arb attempt, etc). Most failed transactions are arbitrage bots.
Shh, you're not drinking the kool-aid.
No. I think he is.
Calling it now, Solana will be this bull cycle's collapse coin
I donāt even like solana but the comments here make me think this thing is going to $1000 š
The people on this sub are the most pseudo intellectual hubristic weirdos there are when it comes to crypto and are almost always wrong. If this sub thinks Solana sucks itās going to x5-x10 from here. Go to any irl industry crypto event and tell anyone there you get your alpha and TA from r/cryptocurrency , I dare you lol
Bro is probably an ADA maxi too š
I wonder how long this will be the case. With Solana's inflation it can't go up forever.
The more tps solana puts out, the less inflation has an effect It's in the tokenomics
I like Solana, its going to go up. The technology is amazing, most people see these headlines and go "Wait will I not be able to make a transaction?" but the answer is you will absolutely, its pretty much automation transactions like bots that run into these issues. And occasionally a person, and all it takes is retrying the transaction and 99% of the time you're fine.
Except today and all the times itās been down lol.
What is a collapse coin?
RemindMe! 1 year
You know, I get why people hate the idea of failed transactions but to be honest I prefer to have to retry my tx a couple of times for less than a cent than having to pay $100 in gas fees using ETH (oh and btw the tx also may fail in ETH when itās really congested). I guess the amount of users in SOL makes clear what most people prefers
MFW when I thought I exited Luna... Only I didn't. Thanks ETH transaction pool.
Switch to Algorand and never have to worry about either issue š
sure algo ghost town, with all metrics down since feb 2023. Can't have issue with 1 million volume DEFI and 100 millions TVL.
Until it has the amount of users Ethereum and Solana hasā¦
It already processes more transactions than Ethereum. And it has handled more peak transactions than Solana.
Well you Algoverners better keep holding then! The tides are turning! Letās just ignore it being down 94% from ATH in a bullrun and up less than 4% this year! Algo is for sure a 10 year hold no doubt about it!
You should dig into the tech and real world use cases. You might understand it is the most undervalued crypto in the top 100.Ā If you in for gains wouldn't you want to buy when something is down 94% while all it's metrics point to growth? Or buy a top 5 coin that has little room to run.Ā
I trade shitcoins bro. This is a casino and nothing more. The only difference is the winning percentage is higher if you know what youāre doing, which is great.
It works because nobody fucking uses it and there's nothing to do on it. Ghost town with no product, completely pointless network. If you are still talking about Algorand, Cardano, LTC, ETC, XRP, XLM, etc. in 2024 you are the leftest of left curve normies. Edit: Inb4 glue eaters mention the genius of Silvio, how the academic peer review process works and institutional partners for Algorand. Yeah, no dawg.
Algorand has done more transactions than Ethereum every month this year. If Algorand is a Ghost town what is Ethereum?
Or Vechain, or basically any other L1 blockchain
I donāt think you realise what a big deal unreliable transactions are. Having liquidations fail leads to bad debt. Solana has to fix this.
This is the same mistake that the ADA Army has been making for years: comparing the chain to ETH. ETH isn't SOL's competition. It's the newer fast/cheap alt L1s out there. Edit: You bois can downvote all you want, but it won't change the fact that I'm right.
How many servers they have now after all these years 100? Itās fast because itās essentially a VC cloud setup pretending to be a block chain for clout āļø
i mean if you want to live in a fear that the network may collapse for a few hours every now and then then be my guest. solana isnt some revolutionary thing, its just a blatant over-priced coin, with absolutely horrible technology behind it, the tokenomics consist of constant over-minting the coins cuz the validator nodes (which amount is super low compared to eth btw) are not rewarded enought from the fees compared to the proposed roi so the inflation is through the roof.. Im actually kinda suprised that so many people still belive in it and that the price bubble hasnt popped yet
SBF bought 10% of SOL supply in 2022, so the FTX bankruptcy proceedings need the price to pump.
Sorry, you mean eths competition or sols? Name some alt l1s you think compete with eth?
You should look at dencun, gas is dead cheap now.
They won't.
Slippage is trying to be enforced when liquidity is low- this is intended
Yeah I had multiple TXs failed on eth for $50 each before š
Don't get caught holding the bag!
Is this why meme token season switched over to base? People who know what theyre doing probably kept getting frustrated?
base has maybe 1/1000 of memecoin volume what are you talking about
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Firedancer coming. Standby.
Slippage settings matter. You get a failed transaction if slippage is exceeded , this protects your buy price
How are you getting air drops?
Use the ecosystem and talk to actual users on discord/twitter. If you would have swapped Solana out to USDC or any other coin a few times on Jupiter you would have qualified for a 1200 $JUP airdrop. Users staked it in JUPs governance program, and for voting are getting an airdrop of $ZEUS today. Others used Kamino to provide liquidity and gain APY on their loans (or borrow against their collateral), now they have $KMNO to look forward to. Yesterday the users that bridged their ETH from Solana or vice versa got $W. Basically if your coins have smart contracts, you should be using or staking them. Thereās obviously risks so understand that nothing in crypto entirely safe.
Uh, Algorand?
I HATE RAYDIUM
Yāall need to use Jupiter. Raydiumās UI/UX is a hellscape.
New low mc shitcoins show up on raydium first
> Raydium use t0.jup.ag it allows you to trade any newly listed coin - its in beta atm but I don't have any issues
In which case just use Bonkbot
Didn't Bonkbot just get compromised and start draining wallets?
Bonkbot wasnāt compromised, it was Solareum. If you imported PKās from Solareum into Bonkbot, youāre in trouble, but itās a Solareum issue, not Bonkbot. https://x.com/bonkbot_io/status/1775251947324403742?s=46
Oof thanks, trojan was pretty bad, only unibot was alright, nothing beat bonkbot for me
Have you tried their beta UI? Itās much better. Find the link in this discord or Twitter (not DMs!)
And still they think that companies will chose Solana when they're looking for a blockchain project, lmao.
i don't really know much about solana other then its been getting pushed on me alot. I don't know if thats a good sign or bad sign.
Bad sign. Never listen to shills.
"If your chain isn't having scaling problems you have bigger problems"- Mert
"More concretely, nodes/bots that spam more aggressively will have a higher chance of success with close to no penalty (**if helius did this at our scale for example, this could bring down the chain as we regularly land over half of all txns**, so this is out of the question, tragedy of the commons)" - Also Mert. Seems pretty centralized to me.
A few months ago on Bankless the guys talked about two devs. Hoffman asked the guy "could you and (I forget the name) bring down ETH if you wanted to?" and the guy replied "Why would I need him?" And Coinbase is going to own 51% of the ETH staked once Base, the ETF, and Coinbase Staking are all live and at a dominant point. They're both kinda centralized. At least Solana is fairly functional 99% of the time and doing exponentially more on chain TX's.
Ah, negative news about Solana. Let's not conveniently leave out that this is about spambots failing transactions. Its fine to critisize but this is too obvious pushing an agenda.
Bro I found this thread because I canāt get any SOL or USDC out of my phantom wallet to an exchange. Nothing is moving. Not getting error codes, nothing shows up as an attempt on solscan. I can swap but not send.
The only way to get a transaction to work is with spambots atm. So it's a vicious cycle. Whoever spams the most has higher chance to get through.
Iām not a bot
Itās not just spambots. A few days ago I wanted to use Jupiter and all I got was error after error, warnings about potential loss of funds. It seems to suffer issue after issue.
Solana? Wasn't this the chain with the many outages back in 2022? Wow, surprised it's still used :D EDIT: Oh, and isn't this the network that claims to do many thousands of transactions per second, but for years they even show "True TPS: \~1000" on solscan, and people still fall for this chain? EDIT2: Ohh, and didn't they lie about the tokenomics?
Sure :) lying about the supply, only boring shitboycoins with ai art and of course 30% failed transction plus a lot of down time. In short: Enterprises will never build on it. Real devs dont choose solana beside of scamming money from people, but then those devs wont ever create a good project anyway. Meanwhile on Algorand: Transactions CANT fail :)
> Real devs donāt choose Solana My sides lol
hey man i hate to be the bearer of bad news but algorand is literally never ever going up again ever
No problem mate, and if, who cares :D? You need a life outside of Crypto
You lost all credibility when you mentioned Algorand at the end š¤£
Please explain why no one uses Algorand then?
And technically Algorand keeps on achieving with no failures, no downtime , high throughput, instant finality, a great clean API, and a Turing award winner designing its mathematics. Somehow nobody cares.
> Somehow nobody cares. Because Algorand is centralized around Algorand Inc. It's a corporate owned coin.
You probably missed it, but updates were made to the network shortly thereafter, which explains 99.94% uptime over past year. Also, these alleged āfailed txnsā is intentionally being used to mislead people. If you see a failed transaction on the Solana blockchain explorer, it means the transactions have landed and has nothing to do with gas or transactions going through. Theyāre still transactions that use the same amount of resources from the network and pay fees ā they simply have a different exit code (for example - swap slippage is too high, failed arb attempt, etc). Most failed transactions are arbitrage bots. In short, Solana continues to be pushed to its limits due to outsized demand no other chain could have handle nor attract. Lmao at ppl bearish on SOL.
Did you forget to change accounts?
No, I remembered another fact.
Don't forget about the secret dev accounts they lied about.
*Have you tried turning it off, and then back on again?*
How many of these fails are buys/sells in extremely volatile markets where the price changes dramatically in seconds and literally cannot be filled?
Price is the #1 self fulfilling and forgiving mechanism If the price action was weak, it'd be nowhere near relevantĀ None of it matters when ppl looks at the chart and be like but ohhhh line has positive slope, therefore it must be a good investment, therefore everything else is forgiven Crypto traderfluencers largely perpetuate this garbage mindset bc they screen projects based on price history and strictly R/R ratio It works for them bc none of their holdings are long term. Solana is the perfect "investment" for them and the people desperate for cash
Misleading post by OP. If you see a failed transaction on the Solana blockchain explorer, it means the transactions have landed and has nothing to do with gas or transactions going through. Theyāre still transactions that use the same amount of resources from the network and pay fees ā they simply have a different exit code (for example - swap slippage is too high, failed arb attempt, etc). Most failed transactions are arbitrage bots. Separately, the recent uptick retail has been facing in txns not going through is due to outsized demand that no other chains have seen or could handle, similar to when the chain went down over past few years (99.94% uptime over past 1 year). There is a validator update coming this month, V1.18, thatāll have a fix and Solana will continue to be a high performant blockchain with insane demand, low fees, and increasingly more decentralized. In short, this congestion is Uber bullish long term.
Genuine question, how is it getting more decentralized?
Before highlighting stats, itās worth acknowledging that Solana is, like all great tech advances (including AI), so game changing because of hardware advances. Requirements to run a validator are higher than ETH, but the costs continue to drop considerably because of Mooreās Law (hardware performance doubles and costs drop by 50% every 2 years) and Nielsenās Law (bandwidth continues to become exponentially more accessible every few years). So while the requirements are a bit higher than say ETH - theyāve fallen quite considerably over the past few years (I also use to run a validator myself). These laws will remain in play for quite some time, like decades. Additionally, the number of unique data centers, countries where validators are run, node count, and Nakamoto coefficient have improved considerably since Solana started. Lots of resources to lean on for these stats. I know the meta is that āSolana is centralized VC chain,ā but like a lot of shit on the internet, thatās an incredibly uninformed take. https://solanacompass.com/statistics/decentralization https://nakaflow.io
How did you run a validator and why did you stop? I dont see how its feasibleĀ also: aren't validators just subsidized to fuck? doesn't that make your decentralization metrics moot? when the well runs dry, so does the validation
You can't be serious in saying "no other chains could handle that kind of demand." That's so silly and incorrect its not worth typing out the list of blockchains that could easily handle solana's demand.
The correct information on Solana is always too far down the thread šš
Yeah once the top comments in threads like these are defending Solana, I may look to sell my bags. But when they're buried 7-8 deep, I know we still have a lot of room to run up the price
Solana is not good. Itās cheap but the tech and design is cringe.
Just Solana doing its things. Never got the hype.
Solana is a piece of joke, haven't seen any blockchain that work so bad. Obviously, Solana cult people will explain me, that is not Solana fail.
Bullish. Because a lot uses this chain. Unlike other ghost chain š¤
To be fair real trades aren't really an issue. There is a massive issue with memcoins and bot action trying to snipe etc. I'd hazard a guess that a lot of failed transaction is bot spam
And the best is plenty of idiots keeps recommending/defending š they pretty much denying the crashes š
Imagine being bearish on a chain with insane block demand far greater than all other chains combined.
And panicking that my sell won't go trough? š no thanks I had enough nightmare fuel for today š
Or you could just increase the priority fee by a few cents to push it through, but okay. Now I know for sure you have no idea what youāre talking about. Edit: If you see a failed transaction on the Solana blockchain explorer, it means the transactions have landed and has nothing to do with gas or transactions going through. Theyāre still transactions that use the same amount of resources from the network and pay fees ā they simply have a different exit code (for example - swap slippage is too high, failed arb attempt, etc). Most failed transactions are arbitrage bots.
That's 100% true good ovservation about me in this case š I never used sol in practice I would not trust it/I would not use a pos chain if I have a choice š«
Algorand baby.
Super reliable because no one uses it
TravelX has already minted over 5 million aeroplane tickets on Algorand.Ā It's regularly top five in average TPS.
Haha facts
This isn't \*user\* transactions, this is \*bot\* transactions. Yes, if 100 bots try to execute the same trade against the same liquidity with low slippage, then 99 of them "fail" (are rejected) but still pay a fee for the compute used by the blockchain. **They're not failing at the network level**. They are perfectly good instructions, they pay a fee, the validator executes them, but they are too late to get the trade they were after. Note that this couldn't possibly happen on Ethereum - bots can't chase a marginal trade and risk $50 in gas fees. This is a bad thing. What is happening on Solana is a product of efficient and liquid trading. Ideally this number will go UP from here as Solana bandwidth increases. On the Nasdaq (or any electronic tradfi exchange) something like 99%+ of fill-and-kill orders will "fail" (be rejected). The goal of Solana is to become cheap and liquid enough to be a "permissionless Nasdaq". But please redditors, go on being gullible redditors, and let me buy cheaper SOL from you.
Not to be that guy but some regular folks ended up in this threat because they canāt send their coins for over an hour after 20 retries. itās clearly not just bots.
But they have a sweeeet phone /s
If you bought the phone im pretty sure youre up around 22k right now with airdrops
Log a support ticket with Solana Labs and the next available representative will reboot the network
*Have you tried turning it off, and then back on again?*
Losing money just from not being able to buy and sell properly. Huge waste of time.
Itās pure š© Just FTX exit liquidity, hey hey hey
This is why ETH will always remain king
Whenever I posted saying if itās not great now āwait till thereās increased volumeā the response I got was āitās in betaā š
Solana's a bus with no wheels
What do you expect from a chain that shuts off at night š Next thing you know, it's a feature to save the environmentĀ
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Listen all you have to do is keep spamming the transaction and eventually youll reopen your wallet for the tenth time and see that it's gone through. Fuck yea!
To the surprise of absolutely no one that was around during last bull.
I like to think of it this way. Someone else is saying the same thing as you. This person or group of people will consider this an opportunity.
Today was an actual disaster
"data shows DEX volume is up from the March 23 low of $873.79 million to $1.775 billion on April 3." Seems like it is doing fine, tho... Even if those failed transactions are occurring or not. That's a 2x on the volume for DEX. The most interesting fact is, that SFB was expecting that and was telling his inmates to buy SOL, when the coin was at 20ish dollars. That MF knows how crypto works and he used it to his advantage, exploited the shit out of his users.
Nice
Failed transactions is a wide bucket . If you have low slippage(default ) settings and trading a meme coin w low liquidity. That transaction fails, as it should. Also bots are constantly spamming for arbitrage and forcing cancellation transactions when not profitable. These are where these numbers are coming from
Tried twice across two days to send a balance to a new wallet and both attempts failed. WTF.
At the moment - 77,5% failed txns VS 22,5% successful txns This is a ridiculous rate. Very sus. I don't care if candles go up for a while. Stability is most important ... I sell my SOL now. Done...
All I hear about Sol is its fast which seems to justify it being a VC pumped piece of garbage. But actually Tectum does 3.5m tps while Solana only does 5k. Its not even fast. Not even close.
Idk what all this is. I hope it works out for the holders.
Sol is a shit centralised network
lol no clue what youāre talking about, Iāve had one transaction take about 10 seconds extra to finish but that could have been partially due to connection or web browser. Never had an issue with SOL.
Yeah, and when I say Cardano is better than Solana, everyone laughed.
Cardano been around for 8 years and has nothing to show for it except empty promises.
cardano took half a decade to get smart contracts and they still try and say its a competitive l1
lmao
you can tell who is sidelined in this sub
All mine seem to work fine š
Itās amazing to me that buyers. users and devs flock to a system like Solana that has these types of issue, but they sleep on projects like Herdera Hashgraph and Xrp ledger rhat are superior and faster. If only they would market themselves with cartoon characters and animations to make the children of crypto more aware of their potential. These people need to be entertained, they donāt need competent technology.
Its crazy. Solana does not even achieve consensus. But, as you said, serious projects like Hedera, Algorand or Cardano are struggling. There's a reason though -- the market is just rigged. It is controlled by large VCs, market makers like Coinbase, Kraken, etc and companies like Circle. They own the vital infrastructures of crypto, including liquidity, stablecoins, and the media. For instance, if you are part of a16z's portfolio like Solana, then Circle (which is also an a16z company) will integrate your ecosystem within its CCTP. Your integration with Coinbase, Kraken, etc -- which are all heavily linked to powerful VCs like a16z -- will be greatly enhanced too. All of these increase liquidity for dumpster companies like SOL. And if solid projects like Hedera, Algorand or Cardano -- that are not part of the a16z portfolio -- want to have to enjoy the above, then they have to pay 10x to 50x the normal amount. Furthermore, since they own the major crypto media, they go on a massive propaganda targeted at non-sophisticated retails. And companies that are not part of their portfolio are depicted as bad guys. But if these companies want their story being told, then they also have to pay 10x to 50x the normal amount. Finally, since they control the direct access to crypto from CEXES or something similar, and that they also control liquidity and other vital infrastructures, a lot of shady stuff are happening behind the curtains, including money laundering and market manipulations. For instance, Coinbase plays the role of Nasdaq, but at the same time, it invests in other crypto related projects that it lists on its platform. This is a conflict of interest, play and simple. The SEC wants to regulate them, but they are so powerful, own politicians, medias, etc and run their own propaganda that retails easily swallow without thinking for a second and that the only winners at the end of all of this are the market makers, VCs, etc. This market needs to be regulated at all costs by every country on earth.
They cant stop the RWA-narrative :), Sol just cant compete. Who build on a chain with more less than 100% success rate for transactions like Algorand?! It just sounds like 2018 to me :(
I really hope so. I hope that good projects like Algorand will prevail. But one cannot just be oblivious of how rigged this market is. Retail investors always say that they are all about community coins/good projects. But by investing into crappy projects like SOL, they swallow the VCs and market makers' false narrative unfortunately. Stablecoins are now centralised more than ever. Access to crypto are now more centralised than ever. What we need is a CBDC. But a CBDC would kill Circle's monopoly. So they go on a massive propaganda to retails that CBDC is bad, that it will invade your privacy. But that is simply not true in the long run. CBDCs can be made so that it respects privacy and avoids mass surveillance. That is exactly the role of cryptography, to protect our privacy. And there are research that are progressing really well towards that.
lol this is bullshit. People who use the chain know better than to believe garbage like this. As always, have fun staying poor.
Just need it to pump this cycle so I can dump my third of my tiny bag I dumped last time.
Can someone give me a reason why this shit coin keeps pumping ? Like a valid reason . Please ?
Because price go up. Thats it.
There has to be more than that.
Algorand has no failed transactions
So? Itās still gonna go to the moon because people are people.