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.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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