'enq: TA - Contention issue in Oracle Database

When there is a peak load in my application several of requests are failing or slowing down due to the above error in Oracle database. When I try to check the top queries ordered by Buffer Gets, I see the below Oracle related queries being on the top. What exact could be happening here?

select us#, status$, user#, ts#, spare1 from undo$ where ts# = :1 order by us# desc

select us# from undo$ where status$ = :1 and xactsqn < :2 order by us# desc



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