Several DeFi protocols of the cryptocurrency Solana (SOL) led by Phantom Wallet experienced downtime due to a huge influx of new users. The Solana network has had several outages, especially in the past two years, even despite the Solana network upgrade in 2024. Consequently, some SOL users experienced huge fee hikes, up over 120% in the past 24 hours, in addition to slow processing speeds.

The Phantom wallet processed $1.25 billion in swapped assets from 10 million transactions in the past 24 hours. Although the Solana network has been processing an average of 258,000 transactions per minute, the Phantom wallet alone experienced a massive surge of more than 8 million transaction requests per minute.

The Solana network is one of the top ten altcoins with a fully diluted valuation of about $158 billion. Read more about this story on our LinkedIn page