Privy experiences 'partial outage' as Monad opens much-anticipated MON token airdrop claim window
Quick Take As of 9:57 a.m. ET, service has been restored and the Privy team continues to monitor the situation, according to the web3 wallet’s status page. The Monad Foundation opened airdrop claims for its long-awaited native MON token using the popular web3 wallet for authentication on Tuesday.

Privy experienced a "partial outage" on Tuesday morning as the Monad Foundation opened airdrop claims for its long-awaited native MON token using the popular web3 wallet for authentication.
According to Privy’s status page, the wallet had experienced "degraded performance" that was being monitored by the team, beginning at about 9:16 a.m. ET. As of 9:57 a.m., however, service has been restored. The page now shows the wallet has had 99.97% uptime over the past 90 days.
"We are aware of increased load due to the launch of @monad's Airdrop Claim Portal," the team wrote on X. "This has put pressure on database capacity, and we're actively working to scale accordingly. Thank you for your patience as we restore normal performance. Monad’s airdrop allocates MON to more than 230,000 addresses, including community members, onchain power users, broader crypto participants, contributors, and builders."
Ahead of the much-anticipated airdrop, the Monad team warned participants to watch for scams, noting that potential recipients can claim tokens over the next three weeks. Scammers often pressure victims into acting quickly.
"Do not act with urgency, and always triple-verify before doing anything," Monad co-founder Keone Hon wrote on Tuesday, warning the community about potential phishing attempts. "There is no urgency to complete anything."
The portal launch on Tuesday only marks the "eligibility phase," which allows users to connect wallets and reserve tokens. MON won't be transferable until the token generation event coinciding with the network’s mainnet launch, expected to be announced after the claim window closes on Nov. 3.
Monad began teasing its MON token launch with an "airdrop claim loading" progress bar over the past couple of weeks. Between Oct. 2 and Oct. 8, the status progressed from 51% to 80%, ginning up interest in the process.
MON-USD hyperps (i.e., Hyperliquid perps) are trading at around $0.07 in a pre-market, pre-TGE futures market on Hyperliquid, implying a fully diluted valuation (FDV) of roughly $7 billion based on the token’s total supply of 100 billion tokens.
Monad Labs, the startup behind the high-throughput EVM-compatible Layer 1, was co-founded by former Jump Trading developers and most recently raised $225 million in 2024 funding led by Paradigm.
Fintech giant Stripe agreed to purchase Privy in June with plans to develop the crypto wallet "as an independent product." Privy, used by major protocols like trading platform Hyperliquid, social protocol Farcaster, and NFT marketplace OpenSea, boasted of over 75 million accounts at the time.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SEC Faces Deadline for Grayscale XRP ETF Decision

Ethereum Bulls Remain Unfazed: Analyzing Market Confidence After $232 Million Liquidation
Ethereum’s price is fluctuating around $3,700, influenced by US credit and labor data, with traders cautiously avoiding high leverage. Whale activity indicates limited bearish sentiment, but there is insufficient confidence in a rapid rebound. No warning signals have been observed in the derivatives market, and a recovery will require clearer macroeconomic signals. Summary generated by Mars AI. This summary is produced by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.

BNY Mellon Empowers Crypto Ecosystem with Robust Infrastructure
In Brief BNY Mellon enhances its crypto ecosystem role through infrastructure services, not its own coin. The bank supports stablecoin projects instead of launching an altcoin amid positive market conditions. BNY Mellon prioritizes infrastructure over token issuance, promoting collaboration and ecosystem strength.

Crypto Surge Revives Investor Optimism
In Brief The crypto market exhibits signs of recovery post-major liquidations. Ethereum, Dogecoin, Cardano, and XRP have shown significant gains. Technological innovations and ETF expectations contribute to market optimism.

Trending news
MoreCrypto prices
More








