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- Arthur Hayes termed Solana TPS “bullshit,” sparking a debate.
- The huge number of spammers causes significant transaction failures.
- Trader Dan Smith noted that the Solana blockchain has an abundance of spam.
Solana (SOL) blockchain has a problem with spam transactions, claims a trader and investor in digital assets, Dan Smith. In a series of X posts, the crypto enthusiast explained how spammers boost the number of failed transactions on the blockchain network.
Smith explained that an average “real user” of the Solana blockchain sends under 50 transactions per day with a failure rate of 8%, resulting in the failure of 1 transaction in every 10 transactions.
The X post explained that 97% of addresses fall into the “real user” group, and are collectively responsible for 0.6% of total failed transactions. Smith added:
“Any address that sends over 5,000 txs per day is clearly a bot. Yesterday, there were 879 addresses that hit this mark, and they created 95% of the total failed transactions with a failure rate of 79%.”
Smith noted that due to the significant number of spam transactions, 0.1% of the addresses were responsible for 95% of the failed transactions, concluding that Solana has an “abundance of spam” problem.
The conversation began with Arthur Hayes, co-founder of the BitMEX exchange, stating that the huge number of meme coins has destroyed Solana. Hayes added that 75% of transactions have started to fail on the blockchain because investors have started trading these meme coins heavily, terming Solana’s TPS “bullshit.”
Smith noted that from a “real user” metric, Solana TPS might be “bullshit,” but it is crucial to note that despite the rate of failed transactions being high, validators still have to use resources on these transactions, which paints a stronger picture for Solana TPS from a technical perspective.
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