Phantom Wallet Down, Users Joke about Solana Outage

There has been an outage on the Proof-of-Stake layer-1 network, affecting Phantom Wallet, a Web3 wallet associated with Solana. 

There has been another instance of an outage that has rocked the Proof-of-Stake (PoS) layer-1 blockchain network recently. Phantom Wallet, the most prominent Web3 wallet associated with the Solana ecosystem, is currently unavailable.

Members of the Solana and Phantom Wallet communities have reported that the browser version of the wallet does not allow viewing submitted transactions.

In addition, users were unable to submit transactions initiated on Phantom Wallet, and they were unaware of the possible causes of this issue.

Phantom Wallet Outage

Several users have verified the assertions that the Phantom Wallet app is unavailable; nevertheless, it does not appear that reports of the program’s inaccessibility are representative of a widespread pattern.

Although some users are unable to access their accounts or complete transactions, others argue that they have completed one within the last few hours.

Colin Wu, an independent crypto journalist, presented a screenshot of a transaction that displayed a “no data” prompt on the web wallet’s overview page.

There have been no outage claims that have been acknowledged by Phantom Wallet, which is a condition that suggests the downtime has not yet been completed in its entirety.

Phantom Wallet is not unfamiliar with downtimes and because it is based on Solana, this is not an exceptionally uncommon occurrence for most of its users.

A distributed denial of service assault targeted Phantom Wallet earlier in February, causing the protocol to temporarily stop processing transactions and providing services.

Over the past few years, Phantom has also experienced tremendous expansion, which coincides with the expansion of Solana. At the start of this month, the protocol celebrated reaching 4 million monthly active users.

This is a significant user base that has the potential to contribute significantly to congestion on its platform. Phantom Wallet, a large transfer from the parent Layer-1 blockchain, is not free from any connected difficulties, considering the whole situation.

Because Solana is developing as a network and SOL is becoming increasingly dominant as a digital currency, the Solana Foundation is currently investigating potential solutions to put an end to the frequent outages that it experiences.

Recent reports indicate that the Solana Foundation is exploring the possibility of standardizing priority fee payment for applications developed on the network.

In addition, the new design hacks will try to maximize the utilization of total compute units (CU) to maximize efficiency. By encouraging this innovation, the number of transactions that can be landed on the network will increase, ultimately increasing the network’s overall throughput and scalability.

The majority of industry professionals are optimistic about Solana. Although it has promising technological potential, there is general agreement that the outage threat might thwart its attempt to beat Ethereum if not rectified.