BitMEX’s founder Arthur Hayes took aim at Solana and called the network’s metrics for transactions “bullsh.t”.
Solana is the dominant layer-1 blockchain network crypto news headlines In recent weeks, the system has crumbled under high user demand. A majority of transactions from users failed at some point during the last month. Solana developers attributed this to an increase in bot attacks, and a surge in demand for blocks.
The Solana Ecosystem has released a recent version that addresses the challenges of the network. However, the improvements are not over. Former BitMEX CEO Arthur Hayes is preventing Solana from highlighting his challenges. Recently, a newspaper article titled “In a recent InterviewHayes Solana’s much-publicized TPS (transactions per second) metric is “bullsh.t.”
Many projects are overstating the capabilities of their underlying networks in an ever-increasingly competitive blockchain market. Solana claims, for example, that it can handle 50,000 transactions per second (TPS), even though this number is theoretical if token transfers are used.
The network can handle fewer transactions when used for complex transactions such as smart contracts or decentralized finance applications (DeFi). Solana Explorer claims that the network is capable of handling fewer transactions. Handles only Around 2300 transactions are made per second. This number is even smaller if you exclude the quota of validators in the network.
Solana’s design means that communications between validators count as network transactions, inflating TPS. This design is crucial to Solana’s ability to achieve speed and low costs, but it has been criticized by some as being a tactic for marketing.
Arthur Hayes: Memecoins expose Solana’s weaknesses
Arthur Hayes said on the Unchained Podcast, that the Solana TPS metrics have been “absolute bullsh.t” as traders have begun to trade them and 75% are now failing on Solana.
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Arthur Hayes, in an apparent joke, wished Solana “good luck” as it tries to be the Ethereum of this current crypto market cycle.
Hayes may have not expressed his true opinion on Solana in the recent remarks he made. In December of last year, BitMEX’s founder Solana’s price should reach $100Even publicly revealing that he owns the cryptocurrency.
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