Ethereum's Layer 3 Blockchain Degen Chain Faces 53-Hour Operational Freeze
Summary:
The Ethereum layer 3 blockchain, Degen Chain, ceased operation for over 53 hours, making the network and applications unusable. The halt resulted from an issue following a "custom config change", affecting both the Degen Chain and the gaming network Apex. Degen Chain is among few layer 3 blockchains that process transactions via layer-2 networks. Teams are working on resynchronizing nodes from the genesis block to restore service. The disruption also led to a 24% dip in the platform's native token, DEGEN.
The Degen Chain, a layer 3 blockchain built on Ethereum, has come to a sudden halt, with no transactions validated or new blocks produced for a staggering 53 hours. This lengthy stall disrupted the network's functionality entirely, freezing operations at 8:15 pm UTC on May 12, the last recorded instance of a new block's conception on the Degen chain, as confirmed by the block explorer. The chain is among a handful of layer 3 entities that process transactions via layer-2 networks while leveraging Ethereum's layer 2 blockchain, Base, for settlement, and using the AnyTrust protocol for data availability duties.
According to the Degen Chain's official statement on X on May 14, the team is collaborating with its development ally, the rollup infrastructure platform Conduit, to rectify the anomaly. Conduit has identified the root of the unwarranted downtime as a problematic "custom config change" that led to the abrupt halt of block production on not just Degen Chain but also the interactive gaming network, Apex.
Simultaneously, a resynchronization process is underway for Degen Chain nodes, beginning upon the inception of the network's first block, known as the genesis block. Both teams, in conjunction with Offchain Labs, are actively striving to resume services and make the impact on users as negligible as possible, noted Conduit in an update on X.
The estimations provided by Degen Chain propose a resumption in network functionality after the resynchronization process which is currently scheduled to wrap up at 1:00 pm UTC on May 15, or alternatively, at 6:00 am PST on the same day.
Initially ideated to support its homegrown memecoin, Degen (DEGEN), Degen Chain also facilitates a variety of decentralized applications, including DegenSwap, Mint Club, and the Relay Bridge service. However, all these services remain dysfunctional while the blockchain downtime ensues. Consequently, the network’s native token, DEGEN, has experienced a 24% dip in value from its seven-day high of $0.02 on May 13, plummeting to $0.015, as stated by CoinGecko data.
Layer 3 blockchains have been a bone of contention within the crypto circles. Last month, Polygon CEO, Marc Boiron, contended that Layer 3s only divert value away from Ethereum and onto the layer 2s, which act as building grounds for the L3s. Opposing this, Patrick McCorry, researcher at the Arbitrum Foundation, championed Layer 3, endorsing it as a "no-brainer" where Layer 2 networks serve as the settlement layer and facilitate cheaper transactions.
Published At
5/15/2024 5:56:14 AM
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