Solana Gets Slammed
Failed transactions are surging on Solana. What's happening?
Transaction Turmoil. Solana’s staunchest defenders have long maintained failed transactions only afflict bots, but the chain has become practically unusable for regular users in recent days! Why can’t you land transactions on Solana, and how does the chain improve from here?
ORE is a mineable token that deployed to Solana on April 2, offering those who deposit SOL into a miner smart contract the chance to share in the 1 ORE of protocol rewards distributed per minute by correctly solving cryptographic puzzles, similar to how proof-of-work operates.
Since yesterday afternoon, ORE miners have been creating approximately 1M transactions per hour, massively increasing congestion for Solana, a chain that only has the capacity to process about 30M non-voting transactions per day!
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Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
