- The reported outage of Phantom Wallet raises concerns among users about the reliability of the platform.
- As a dominant wallet in the Solana ecosystem, users rely on Phantom for managing their assets and executing transactions.
Phantom Wallet, a prominent Web3 wallet in the Solana ecosystem, is currently experiencing downtime, adding to the series of recent outages affecting the Proof-of-Stake (PoS) blockchain network.
Reports from both Solana and Phantom Wallet communities indicate that users are unable to view submitted transactions through the browser version of the wallet. Furthermore, attempts to initiate transactions on Phantom Wallet are met with failure, leaving users perplexed about the underlying issue.
While several users have verified these claims of downtime, it appears that not all users are affected uniformly. While some encounter difficulties accessing their accounts or completing transactions, others report successful transactions within the past few hours. Despite these issues, Phantom Wallet has not officially acknowledged the reported outages, suggesting that the downtime may not be widespread at present.
This isn’t the first time Phantom Wallet has faced downtime. As a wallet reliant on the Solana blockchain, occasional outages are not uncommon. In February, the wallet suffered a Distributed Denial of Service (DDoS) attack, prompting temporary suspension of transactions and services.
As Solana continues its rapid growth, Phantom Wallet has also seen significant expansion, boasting 4 million monthly active users earlier this month. Such a substantial user base could contribute to congestion on the platform, exacerbating downtime issues. Nonetheless, these challenges are anticipated for a major platform operating on the Solana Layer-1 blockchain.
In response to the recurring outages, the Solana Foundation is actively seeking long-term solutions. Plans include implementing priority fee payment as a standard feature for network applications and optimizing total compute units (CU) usage to increase transaction throughput and scalability. However, despite Solana’s technological advancements, unresolved downtime issues could hinder its competitiveness against Ethereum in the long run.
Phantom Wallet is a non-custodial wallet. It allows users to manage their assets on Solana seamlessly, enabling functionalities such as trading, receiving, sending, and storing assets with ease. Phantom Wallet prioritizes security by offering compatibility with hardware wallets, particularly Ledger devices.
Available both as a mobile application and a browser extension, Phantom Wallet offers users convenient access to their Solana assets. Additionally, in May 2023, Phantom expanded its support to include Polygon and Ethereum, broadening its compatibility and utility for users across multiple blockchain ecosystems.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
