Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Privy experiences 'partial outage' as Monad opens much-anticipated MON token airdrop claim window

Privy experiences 'partial outage' as Monad opens much-anticipated MON token airdrop claim window

The BlockThe Block2025/10/13 16:00
By:By Daniel Kuhn

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 experiences 'partial outage' as Monad opens much-anticipated MON token airdrop claim window image 0

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.


0

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.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

After the Curve team’s new venture, will Yield Basis become the next phenomenal DeFi application?

This article analyzes the DeFi hit product YieldBasis, which aims to redefine liquidity providers' profit models by converting volatility into yield in Curve pools, while completely eliminating impermanent loss. The project was founded by the core Curve team and demonstrated strong momentum from its inception.

Chaincatcher2025/10/15 20:08
After the Curve team’s new venture, will Yield Basis become the next phenomenal DeFi application?

Grayscale and TAOX take action on two fronts, Bittensor ushers in its institutional moment

This article analyzes how the Bittensor ($TAO) token is accelerating towards compliance and institutionalization, driven by the dual positive factors of Grayscale submitting the Form 10 registration statement and the US-listed company TAO Synergies Inc. ($TAOX) completing a private placement. It is also regarded as a core asset connecting traditional finance with decentralized AI networks.

Chaincatcher2025/10/15 20:08
Grayscale and TAOX take action on two fronts, Bittensor ushers in its institutional moment