Solana (SOL) has plummeted in the last 24 hours following market factors and network issues due to an influx of users. The asset is down 7.72% today and 6% this week wiping out gains recorded by the recovery efforts in the market.<\/span><\/p>\n Once hailed as outperforming other crypto assets on weekly gains, Solana is recording sharp liquidations as sentiment plunges in the short term.<\/span><\/p>\n <\/p>\n Solana has seen its recent gains plummet after network bugs continue to plague the blockchain. The number of failed transactions on the network has surged in recent weeks hitting up to 70% of non-voting transactions. The high rate of failures creates a clog that sparks user complaints in social media spaces.<\/span>\u00a0<\/span><\/p>\n Solana<\/span><\/a> has recorded a massive increase in network usage from Q4 2024 leading to a significant price action. Trading bots have been linked to failed transactions as most are dropped before they get on-chain. Mert Mumtaz of Helius Labs explained that the metric can be misleading for 90% of users.<\/span><\/p>\n <\/p>\n Anatoly Yakovenko<\/span><\/a> addressed the issue on X (formerly Twitter) stating that bug issues will be identified and fixed.<\/span>\u00a0<\/span><\/p>\n <\/p>\n \u201c<\/span>dealing with congestion bugs sucks so much more than total liveness failure.\u00a0 the latter is one and done, bug is identified and patched and the chain continues.\u00a0 the former has to go through the full release and test pipeline.\u00a0 shipping fast is impossible.\u201d\u00a0<\/span><\/i><\/p>\n<\/blockquote>\n Austin Federa, a member of Strategy at the Solana Foundation stated that the network is being tested by an influx of traffic with bug fixes expected over next week.<\/span>\u00a0<\/span><\/p>\n The Solana network is, once again, being battle tested with a huge influx of traffic. Bug fixes are rolling out over the next week, and things will start to improve. <\/p>\n But there is no silver bullet and no “finished” \u2013 we expect demand will continue to increase, which will require\u2026<\/p>\n \u2014 Austin Federa | \ud83c\uddfa\ud83c\uddf8 (@Austin_Federa) April 5, 2024<\/a><\/p>\n<\/blockquote>\n \u201c<\/span>This is what scaling looks like, it\u2019s not a one-and-done operation. But time and time again, the diverse group of core contributors to this network have shown Solana does, in fact, scale,\u201d<\/span><\/i> he wrote.<\/span><\/p>\n <\/p>\n In another development, <\/span>FTX\u2019s Bankruptcy Estate<\/span><\/a> has sold almost two-thirds of its SOL tokens at a discount. The firm sold between 25 million and 30 million SOL tokens to Galaxy and Pantera Capital.<\/span><\/p>\n Also Read: <\/b>CoinDCX CEO Hails Shashi Tharoor\u2019s Bitcoin ETF Investment<\/a>\u00a0<\/span><\/p>\nSolana\u2019s Network Congestion<\/strong><\/h2>\n
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Bug Dominates Community<\/strong><\/h2>\n
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