Binance-owned Trust Wallet has reported issues with its Bitcoin nodes, causing users to make failed or delayed transactions and missing transaction history from the wallet app.
The non-custodial wallet provider attributed the issue to the recent surge in Bitcoin transactions. “The increasing number of transactions per block in the Bitcoin network is putting pressure on nodes, causing instability across providers,” the team posted on X.
Trust Wallet said it is closely monitoring the situation, but “users may experience missing transaction history and failed transactions on the Bitcoin Blockbook Chain for up to six hours.” Originally developed to support the Trezor wallet, Bitcoin Blockbook is a blockchain indexer and backend solution for cryptocurrency wallets, enabling efficient queries for specific information such as transaction history or wallet balance.
In response to the post, some users complained that the problem has been going on for several hours already. Trust Wallet said it is working hard to resolve the issue. But there has been no update since yesterday.
Trust Wallet did not respond to The Block’s request for comment.
Bitcoin transactions are increasing
The Bitcoin network’s 7-day moving average of transactions hit an all-time high of over 600,000 this week, according to The Block’s data dashboard.
According to the Dune Analytics dashboard, this increase is primarily due to the recent surge in Bitcoin ordinal inscriptions, with daily transaction volumes often reaching 300,000 to 400,000 over the past week.
The average Bitcoin transaction fee has also recently surged to around $14 amid a surge. This is well above the typical $1 to $2 range, but well below the record average fee of $50 in April 2021.
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