Solana is the fastest, cheapest blockchain ever
Like many so-called “Ethereum (ETH) killers”, the Solana (SOL) blockchain failed to deliver on its promise in any meaningful way.
Although theoretically fast and scalable, the network has a history of frequent network outages that have not been fully resolved. It does not perform well at full network capacity. It's supposed to process 50,000 transactions per second (TPS), but in real-world scenarios it reaches around 1,000 TPS – with a wait time of 30-60 seconds.
While impressive by blockchain standards, it's nowhere near the speed it's commonly known for, and irrelevant in the face of endless network congestion.
Solana compression problems
As of April, 75% of voiceless SOL transactions failed, mainly due to the demand for meme coins on the network. Users took their complaints to X about a reduced user experience. The high transaction failure rate is mostly due to bot activity – this is not exactly ringing support for the network.
Related: Solana reveals the dark side of monolithic blockchains
Solana's history of frequent network failures is lower than other major chains. It experienced a five-hour outage on February 6, two months before the April collapse. In January 2022, it experienced an incredible 58-hour blackout. The network has experienced more than 150 hours of network outages since 2021 alone.
Solana's official schedule – displayed on its homepage – is also questionable, indicating 100% uptime in months where exchanges (such as Coinbase) and users have reported severe network outages. The network congestion chain is well known. This is useful in blockchain, whose main selling point is portability and elasticity.
It's just a level – right?
The common narrative from Solana bulls is that it is the result of natural success. Bitcoin (BTC) had to increase its block size while Ethereum faced similar concerns around congestion. So, according to the narrative, Solana will be the most successful blockchain because the fastest and cheapest chain will win the day.
However, Solana's problems run too deep and cannot be easily overlooked. It's consistent network outages and an inability to handle high traffic, as well as a ridiculous failure of activity by any measure. The main product is basically obsolete.
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Uptime performance is a key consideration in determining the reliability of any network. There is no way to define a blockchain as “high performance” with consistent, hour-long outages.
Solana's unacceptable working hours
Solana is a low cost chain and this is its main USP so far. It offers the lowest fees of any major chain. This is what has attracted so many bots and users that have flooded the network. It has recovered tremendously from its close association with the FTX scandal, which many predicted would completely devastate the ecosystem.
As long as meme coins are in vogue, they will continue to be popular with retail investors. It's the easiest and cheapest way to start a meme project, which in turn, attracts 100x more users and bots as well. But for Solana to be taken seriously, it needs to survive long enough without serious network outages. That's a generous baseline for network stability.
In the year Visa networks were down for 10 hours in 2018. It was a big deal – just like that – resulting in intense media coverage. Visa paid compensation to cardholders and issued a formal apology. It hasn't had a single failure since then – and has handled more traffic than Solana. That's the stability needed to achieve real-world utility.
It's not that complicated or controversial. An outage is the worst thing that can happen to any network. It is surprising to see such mistakes being dismissed by society as a problem with teeth brushing. ThinkVisa has experienced nearly a dozen crashes in four years – offline for more than 150 hours – but said it was a positive event that “strengthened the network”.
I'll be Solana's biggest fan when he starts delivering on his promises – instead of driving.
Daniel O'Keeffe is a Cointelegraph guest writer and PR specialist who started investing in Bitcoin in 2013. He previously worked as a compliance analyst for JP Morgan and State Street for three years. He holds a Masters in Computer Science from University College Dublin and a Law Degree from the University of Limerick.
This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.
