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Web3 News

Phantom Wallet Users Face Inconsistencies

Popular cryptocurrency wallet Phantom, known for its ease of use and integration with the Solana blockchain, experienced an outage on Sunday, March 17th, 2024.

The outage left users unable to access their wallets and interact with decentralized applications (dApps) built on Solana.

While Phantom’s team swiftly acknowledged the issue and assured users their funds were safe, the downtime sparked a wave of memes and frustration on social media.

The issue, which surfaced on March 17, 2024, was met with a mix of frustration and humor from the community, with many taking to social media to joke about the recurring outages associated with Solana.

The cause of the outage remains undisclosed by Phantom at this time. However, cryptocurrency wallets are complex software applications that rely on various technical components. Disruptions can occur due to server issues, software bugs, or even overloaded networks.

Despite this, the situation underscores a persistent challenge within the Solana network—ensuring consistent uptime and reliability.

Phantom Wallet’s outage was not uniform across its user base; while some reported unsuccessful transaction submissions, others were able to use the service without issue.

The inconsistency of the outage led to confusion and speculation within the community.

Independent Crypto Journalist Colin Wu shared a screenshot displaying a “no data” prompt on the overview page of the browser wallet, further highlighting the erratic nature of the service disruption

This is not the first time Phantom Wallet has faced downtime. In February, the wallet was hit by a DDoS attack, prompting a temporary halt to transactions and services.

As Solana continues to grow, with Phantom Wallet recently celebrating 4 million monthly active users, the platform’s ability to handle increased traffic comes into question.

The recent Phantom Wallet outage serves as a reminder of the teething problems emerging technologies face. As the Solana network matures, resolving such issues will be paramount in maintaining user trust and fostering widespread adoption of blockchain technology.

Victor Chijoke

Passionate about blockchain, and the decentralized internet. A writer in the morning, goalie in the evening. The aim is to keep my readers informed about the ever-evolving world of web3 with a unique blend of expertise and storytelling.

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