Binance-owned Trust Wallet has reported experiencing a Bitcoin node issue, leading to users experiencing failed or delayed transactions and missing transactional history in the wallet app.
The non-custodial wallet provider attributed the issue to a recent surge in Bitcoin transactions. “Increased transactions per block in the Bitcoin network are putting pressure on nodes, causing instability across providers,” the team posted on X.
Trust Wallet said it was closely monitoring the situation, but “users may experience missing transaction history for the Bitcoin-blockbook chain, up to six hours, and failed transactions.” Bitcoin Blockbook, initially developed to support Trezor wallets, is a blockchain indexer and backend solution for cryptocurrency wallets, enabling efficient queries for specific information, like transaction history or wallet balances.
In response to the post, some users complained the issue had already been ongoing for several hours. Trust Wallet said it was working diligently to address the issue. However, there has been no update since yesterday.
Trust Wallet did not respond to a request for comment from The Block.
Bitcoin transactions on the rise
The seven-day moving average of transactions on the Bitcoin network reached a record high of over 600,000 this week, according to The Block’s data dashboard.
The rise is mainly attributed to the latest surge in Bitcoin Ordinals inscriptions, frequently hitting 300,000 to 400,000 daily transactions over the last week, according to a Dune Analytics dashboard.
Average Bitcoin transaction fees also recently spiked to around $14 amid the surge, far higher than the usual $1 to $2 range but significantly less than the record average fees of over $50 in April 2021.
