As a researcher with extensive experience in the blockchain industry, I find the recent setback experienced by Degen Chain to be a concerning reminder of the challenges that still lie ahead for this nascent technology. The sudden halt in network activities, which has left users unable to access their assets on various decentralized applications (dApps), is an issue that has affected numerous projects in the past.
Degen Chain, a layer 3 Ethereum blockchain network, is currently experiencing a significant issue. This problem, which has persisted for over 12 hours, has resulted in the network’s inability to generate new blocks, thereby halting all transactions on the chain. Consequently, activities such as buying and selling cryptocurrencies have come to a standstill.
Based on the network explorer’s findings, the unexpected halt in transaction validation occurred at block height #15524774 during Sunday evening, surprising users as the cryptocurrency protocol suddenly stopped processing new transactions.
Working to Restore the Network Activities
I’ve encountered an unexpected disruption that caused several decentralized applications (dApps) on the Degen Chain, including popular ones like DegenSwap, Mint Club, and Frogswap, to go offline. As a researcher studying this space, I can confirm that users attempting to access their assets through these platforms are currently unable to do so due to this network downtime.
On Monday morning, the developers of the protocol addressed the network outage via X (Twitter). They acknowledged the problem and reassured users of their dedication to resolving it. As stated in their post, they are collaborating with Conduit, a rollup infrastructure platform, to revive the network.
At present, the reason behind the halt is unexplained and unclear, leaving us in the dark about what caused the unexpected shutdown. However, it’s worth noting that so far, the problem has not affected other networks, including Base, which remains operational without any interruptions.
Degen’s TPS Milestone
Degen, as a blockchain network, is constructed utilizing the Arbitrum Orbit tech infrastructure. Its primary functions are facilitated by the layer-2 scaling solution, Base. The network ensures data accessibility through the AnyTrust protocol.
Although rooted in Ethereum’s blockchain, Degen functions uniquely by employing its own token, named Degen, for transaction fees rather than Ether. This digital asset adheres to the ERC-20 standard and was minted within the Degen channel on Farcaster as early as January 2024.
As a researcher studying blockchain technology, I’ve observed an impressive track record for the Degen Chain protocol prior to the recent network issue. In April specifically, this innovative chain achieved a significant achievement by processing the highest Transaction Per Second (TPS) count ever recorded in a single day within the Ethereum ecosystem.
As a researcher studying the latest developments in the Ethereum blockchain ecosystem, I’ve come across some intriguing data from L2BEAT regarding transaction processing speed (TPS) of various projects. Specifically, Degen’s TPS count experienced a significant surge, rising by 62% to reach an impressive 35.7. This remarkable achievement placed Degen ahead of other notable projects like Base, which recorded only 29.7 TPS. These findings underscore the progress being made in enhancing the throughput capabilities of these Ethereum-based solutions.
During that very same month, Degen gained prominence as the most active and popular meme coin inside the Farcaster community.
Not the First
As a crypto investor, I’ve noticed that Degen, like many other blockchain platforms, experienced some network downtime recently. However, it’s important to remember that Solana (SOL), which is also a significant player in the industry, has encountered similar issues. In fact, just last month, Solana had its own network outage.
The most recent interruption in service was the first disruption to occur on the network in over a year, disappointing users who had begun to believe that network failures were no longer an issue.
As a researcher studying the blockchain landscape, I’ve come across an instance where Avalanche (AVAX) encountered a network interruption in February of this year. This incident persisted for several hours, halting various network activities. Subsequently, the underlying issue was identified and resolved, allowing normal operations to resume once more.
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2024-05-13 15:51