Because of a backend issue, the Phantom wallet went down, though the team has assured users it will be fixed soon.
Phantom Wallet is a popular, user-friendly cryptocurrency wallet designed specifically for the Solana blockchain. Known for secure storage, a seamless interface, and easy access to decentralised apps (dapps), it allows users to manage SOL and other Solana-based assets, participate in staking, and explore Web3 features efficiently.
On 28 Oct 2024, numerous Phantom users reported being unable to trade crypto funds on the wallet. The Phantom team acknowledged an ongoing uptime incident, causing some services to be temporarily unavailable. Users needing urgent transactions are advised to ignore simulation errors and try using a DeFi app in the wallet. The team thanked users for their patience during this time.
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Solana & Network Bugs
It is worth noting that this latest incident is unrelated to the Solana blockchain network itself. However, Solana has previously faced a series of network bugs and technical issues that impacted its reliability and performance, with outages occurring multiple times. These incidents, at their worst, led to downtime lasting up to 48 hours, drawing concern over the network’s stability. In response, Solana’s core developers and community have invested significant resources in addressing these vulnerabilities. They upgraded infrastructure, enhanced security, and optimised transaction processing. From 2023 to 2024, the Solana development team made considerable strides, and the network has been much more stable this year, fostering renewed confidence among developers and users alike.