Muun Wallet Is Experiencing Issues As High Fees Continue
Growing demand for Bitcoin blockspace is having different effects on existing services, miners, and users.
- "We are experiencing intermittent issues when users receive lightning payments due to the extremely high and volatile network fees. We are working to solve this as soon as possible," the project wrote on Twitter.
- Although Muun wallet supports Lightning payments, it is not a "true" Lightning wallet as it utilizes submarine swaps for lightning payments which incur on-chain fees in the process.
- Bitcoin network fees have been gradually rising again on Monday, as the amount of different BRC-20 token projects surpassed 14,000 today, with some of the tokens being listed on centralized exchanges.
- The inscription volume now represents almost 60% of all transactions during the past 24 hours as they continue to compete with regular transactions for Bitcoin blockspace .
- At the same time, the Bitcoin miner revenue has been soaring, as the average fee paid per block reached 2.9 BTC, per Glassnode. Block 788695 marked a second-time in Bitcoin history when transaction fee surpassed block subsidy reward due to high demand for blockspace.
- The fees are also affecting people who rely on Bitcoin services that make use of on-chain transactions.
I’m in El Salvador 🇸🇻 right now. Just witnessed a cash withdrawal via #btc
— Marce Romero (@MarceMR19) May 8, 2023
This individual now had to pay $20 in fees for getting $100 out in a country where the avg. salary is $300-350
I want you to think about this when enabling gambling on fkn jpegs or meme coins.
This is… pic.twitter.com/RTVLqG7DNn
- With Muun wallet becoming less reliable in the current environment, some users are recommending Phoenix Wallet, which appears to not have been impacted by high fees so far. It's worth noting that it does not appear to be an ideal option for onboarding new merchants.
