Solana (Sol) crashes 9% following high “transaction failure rate” news

The majority of the crypto X (Twitter) users raised concerns over the future of the Solana blockchain, as Solana is failing to provide scalability with better stability. 

Solana is a highly popular Proof-of-stake (PoS) crypto network which is known for its special protocol Proof-of-history (PoH) which helps the network to process transactions at a very low transaction fee. In the past, the Solana blockchain faced multiple bug issues & went offline multiple times, which caused a significant downfall in the trade price of Sol coin, the native token of the Solana network. 

In the present time, the majority of the crypto traders on the Solana Dex Raydium noted that their transaction failure rate is very high, which is showing a new struggling phase of the Solana network, probably due to high network load. 

As per the report, the Solana network’s current transaction failure rate is 75% which is a very big concern for those people who are using the Solana network & Solana Defi exchanges. 

Following these issues, some crypto traders appreciated the role of the Cardano blockchain as a much better blockchain network than Solana.

In particular, a Cardano proponent said that he would always remain bullish on the Cardano blockchain network because this network is much better than Sol in terms of the stability & decentralisation nature of the network. 

Popular crypto influencer Slumdoge Millionaire also showed his disappointment with Solana and said that probably it is time to go with Base blockchain, a layer-2 Ethereum scaling network.

Following such discussion around the Solana network, the trade price of Sol coin crashed nearly 9% today. 

Read also: Here is why FTX co-founder SBF’s 25 years of jail sentence fair