Bug: Token-2022 transfer_checked CPI causes "This transaction reverted during simulation" on devnet (v26.11.1)

[DBZandr01d]

Summary

Every transaction involving a Token-2022 mint shows:

▎ "This transaction reverted during simulation. Funds may be lost if submitted."

No swap estimation or token amounts are displayed in the preview. This affects all transaction
types — buy, sell, and token creation — when the token mint uses the Token-2022 program.

When clicking "approve anyway," the transaction succeeds on-chain every time. No funds are lost.

Diagnosis

Our app runs connection.simulateTransaction(tx) against our own RPC (QuickNode devnet) before
sending to Phantom. The simulation passes with err: null and all program logs show success:

Program TokenkegQfeZyiNwAJbNbGKPFXCWuBvf9Ss623VQ5DA invoke [2]
Program TokenkegQfeZyiNwAJbNbGKPFXCWuBvf9Ss623VQ5DA success
Program TokenzQdBNbLqP5VEhdkAS6EPFLC1PHnBqCXEpPxuEb invoke [2]
Program log: Instruction: Burn
Program TokenzQdBNbLqP5VEhdkAS6EPFLC1PHnBqCXEpPxuEb success
Program 9EnakqTxm1jXoiVVihYiJ7jMjoB1xu5eyREU8XxwHthE consumed 44762 of 200000 compute units
Program 9EnakqTxm1jXoiVVihYiJ7jMjoB1xu5eyREU8XxwHthE success

The transaction is valid — both our RPC simulation and on-chain execution confirm it. Only
Phantom's internal simulation reports a revert.

On-chain program details

• The program uses transfer_checked CPI (Token-2022) instead of standard transfer
• Both tokenProgram (SPL Token) and token2022Program (Token-2022) are included in instruction
  accounts
• All Token-2022 ATAs are correctly derived with TOKEN_2022_PROGRAM_ID
• The TransferFee extension is initialized at 0 bps (no transfer fees)
• No transfer hooks are active

What we ruled out

• Reverted all app code to pre-issue state → still fails
• Tested with different RPC endpoints (QuickNode, Helius, public devnet) → still fails
• Uninstalled all extra wallet adapters, clean node_modules reinstall → still fails
• Verified Phantom is set to devnet in Developer Settings
• Updated from 26.10.0 to 26.11.1 → still fails
• Tested on 2 separate machines → same result on both

Environment

• Program ID: 9EnakqTxm1jXoiVVihYiJ7jMjoB1xu5eyREU8XxwHthE
• Token-2022 mint example: 5oKLjm75MgZNqDn8mkH2HznckU1VhehvaDygW1e2cook
• Framework: Next.js 14 + @solana/web3.js 1.98.4 + @coral-xyz/anchor 0.32
• Wallet adapter: @solana/wallet-adapter-phantom 0.9.28
• Token-2022 program: TokenzQdBNbLqP5VEhdkAS6EPFLC1PHnBqCXEpPxuEb

Expected behavior

Phantom should show the transaction preview with token amounts and swap details, matching the
successful simulation result from the RPC.

Actual behavior

Phantom shows "This transaction reverted during simulation. Funds may be lost if submitted." with
no transaction details. Transaction succeeds when approved anyway.

Related

• Discussion DEVNET - Token Unknow and couldn't fetch network fee #264 reported similar devnet simulation issues previously, resolved in v24.19
• A workaround mentioned in DEVNET - Token Unknow and couldn't fetch network fee #264 was setting a custom RPC URL in Phantom, but this option doesn't
  appear to be available in v26.11.1 Developer Settings for devnet

Example

No response

Steps to Reproduce

Steps to reproduce

1. Deploy any Anchor program on devnet that creates a Token-2022 mint and uses transfer_checked CPI
   for token transfers
2. Create a token using the Token-2022 program (TokenzQdBNbLqP5VEhdkAS6EPFLC1PHnBqCXEpPxuEb)
3. Buy some tokens (so you have a balance to sell)
4. Build a sell transaction that includes:
   - tokenProgram: TOKEN_PROGRAM_ID (for USDC operations)
   - token2022Program: TOKEN_2022_PROGRAM_ID (for token operations)
   - Token ATAs derived with getAssociatedTokenAddress(mint, wallet, false, TOKEN_2022_PROGRAM_ID)
   - USDC ATAs derived with default getAssociatedTokenAddress(usdcMint, wallet)
5. Call wallet.sendTransaction(tx, connection) with Phantom connected on devnet
6. Phantom popup shows "This transaction reverted during simulation. Funds may be lost if
   submitted."
7. Click approve anyway → transaction succeeds on-chain

Minimal repro: any transfer_checked CPI call to the Token-2022 program from within a custom Anchor
program triggers the simulation failure. Standard SPL Token transfer CPIs simulate correctly in
Phantom.

Quick verification: before sending to Phantom, run connection.simulateTransaction(tx) — it returns
err: null (success). The transaction is valid; only Phantom's internal simulation rejects it.

Phantom Version

v26.11.1

Is there an existing discussion for this?

Update: Confirmed this is Phantom-specific. Testing the same transaction with Solflare wallet
shows a clean simulation preview and succeeds without any warnings. This coincides with the Phantom
service outage reported on April 7, 2026
(https://www.cryptotimes.io/2026/04/07/phantom-wallet-outage-sparks-token-loss-fears-among-users/).
The outage may not have been fully resolved for Token-2022 simulation.

[Th3Ya0vi]

Hi @DBZandr01d please reach out via our support help.phantom.com