- Phantom Wallet experienced downtime.
- Solana’s largest wallet experienced a backend incident.
- This issue occurred concurrently with the GRASS airdrop.
The Solana ecosystem has been growing and evolving rapidly. However, the rapid pace of growth has created vulnerabilities. Solana has experienced major power outages in recent years. This happened to my favorite wallet recently.
Solana’s largest wallet, Phantom Wallet, suffered a major outage due to a backend outage. Thousands of users were unable to access their funds and interact directly with the wallet app.
Solana’s Phantom Wallet discontinued
Phantom Wallet suffered a major disruption. On Monday, October 28, Solana’s largest cryptocurrency wallet, Phantom Wallet, experienced an incident affecting thousands of users. According to Phantom Wallet’s social media and several users, the wallet experienced downtime and users were unable to access their funds.
The Phantom Wallet status page shows that the wallet is unresponsive due to a backend error. Users of
The Phantom Wallet team was confident that users’ assets were not at risk and that an unresponsive backend was causing the visibility issues. At the same time, the team claimed that it was working to resolve the issue and proposed workarounds, including using dApps where possible.
What causes Phantom Wallet outages?
The Phantom Wallet outage coincided with a major event in the Solana ecosystem. This is what happened when users requested an airdrop for Grass, an AI-based project.
Grass is a decentralized network that allows users to sell their unused bandwidth to train large-scale language models (LLMs). However, the project has drawn mixed reactions, with some users expressing dissatisfaction with the small token rewards and opaque distribution process.
Nevertheless, the airdrop attracted great interest from users. Airdrops, especially popular airdrops like Grass, contribute to the rapid increase in blockchain traffic. This spike in traffic may have resulted in a sudden backend overload that resulted in Phantom Wallet downtime.
On the flip side
- In May, Phantom Wallet saw significant growth. Inflow of new users Thanks to TapSwap, the popular tap-to-make money app. Phantom Wallet was required for users to receive TapSwap rewards.
- The backend failure raised questions about the decentralization of Phantom Wallet. This is important because Solana itself has come under criticism. Perceived Centralization.
Why This Matters
For many Solana users, Phantom Wallet is essential for managing their portfolio and transactions. Wallet outages can cause significant disruption to users who rely on the wallet.
Learn more about Solanaâs centralization issues:
Solana Network: Is Solana really decentralized?
Learn more about how the US election affects cryptocurrencies.
US Election Brings $920 Million Inflow into Bitcoin ETFs: CoinShares