The Solana blockchain network is facing significant challenges as it grapples with a surge in user activity, prompting stakeholders to contemplate substantial adjustments to enhance usability.
The rapid increase in activity on the Solana blockchain has led to chain congestion, prompting stakeholders to evaluate major changes to network operations. Additionally, the surge in DeFi activity has attracted malicious actors seeking to exploit the network’s low fees.
Jito Labs, a key infrastructure developer for Solana, recently announced the shutdown of its mempool service due to repeated manipulation by bots during periods of heightened network activity. This decision aims to combat sandwich attacks, where sophisticated bots execute transactions before and after a targeted trade, artificially impacting asset prices and enriching attackers at the expense of users.
While Solana itself lacks a mempool, Jito Labs’ Block Engine created one to allow users to maximize extractable value. However, negative MEV, prevalent during periods of high trading activity, has enabled widespread sandwich attacks on Solana due to its relatively low fees.
The abrupt closure of the mempool aims to improve user experience amid network congestion caused by the influx of meme coins and NFTs. Projects like Drip, which generate hundreds of thousands of NFTs daily, are particularly affected by the congestion.
Solana co-founder Anatoly Yakovenko recently polled Twitter users on whether to aggressively increase block space, despite the risk of network outage. The majority voted against the proposal, prioritizing network stability over congestion management.
While NFTs contribute to network traffic, meme coins are the primary source of congestion, fueled by the success of tokens like Dogwifhat and Bonk. Solscan reported a record number of new tokens created using the SPL token standard, reaching all-time highs in daily token creation.