Binance-owned digital wallet Trust Wallet has recently faced issues stemming from a sudden increase in Bitcoin (BTC) transactions.
Through a statement on its official Twitter account, Trust Wallet informed its users about a difficulty related to its Bitcoin node, attributing it to the significant increase in transactions per block on the Bitcoin network.
This rush of activity is putting unusual pressure on nodes, leading to instability across multiple providers.
📢 Important BTC Node Update
Dear Trust Wallet Users,
We want to inform you that we're experiencing a BTC node issue. Here are the details:
Cause: Increased transactions per block in the Bitcoin network are putting pressure on nodes, causing instability across providers.…
— Trust Wallet (@TrustWallet) November 29, 2023
According to the statement, direct consequences for users include the possibility of experiencing no transaction history for the Bitcoin-blockbook chain for a period of up to 6 hours, in addition to facing failed transactions.
THE SITUATION HAS CAUSED CONCERN AMONG TRUST WALLET USERS, WHO HAVE REPORTED THIS PROBLEM FOR SEVERAL HOURS AGO
Despite efforts, no additional update has been provided since the day before the statement was published.
This incident comes at a time when the Bitcoin ecosystem is experiencing a significant increase in activity.
Statistics show that the seven-day moving average of transactions on the Bitcoin network has reached a record high of more than 600,000 transactions.
This increase is primarily associated with a recent boom in Bitcoin signups, which regularly exceed 300,000 to 400,000 transactions daily according to the Dune analytics dashboard.
As a result of this boom, average Bitcoin transaction fees have seen a substantial increase, reaching around $14, considerably higher than the usual range of $1 to $2, although still below the all-time high of over $50 in April 2021.
Trust Wallet has assured its users that its team is working diligently to resolve this situation, thanking the community for its patience and trust.
However, as of now, no additional update has been provided regarding the resolution of the issue.
