The developer of the Phantom wallet, Brian Friel, has recognized the inefficiency of priority fees on Solana, highlighting the ongoing challenges faced by the network due to congestion. The meme coin frenzy on Solana has resulted in significant congestion, rendering the priority fee mechanism ineffective for some users, as acknowledged by Friel in a recent post. Despite implementing automatic priority fees on all transactions, Friel emphasized that there is no quick fix to the network issues. He assured users that the team is working on combating spam from bots and improving the priority fee system for a smoother experience with the next network release in April.

If you encountered transaction difficulties on Phantom, Friel encourages you to retry, as the experience should be better now. The Solana network is currently facing congestion, but efforts are being made to address this issue. Other Solana-centric products, like Ledger, have also reported potential network or transaction errors due to congestion.

The Solana ecosystem has experienced significant growth lately, with decentralized exchange trading volume and total value of assets locked in decentralized finance protocols reaching all-time highs. This growth can be attributed to factors such as low network fees and the popularity of meme coins like Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME).

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