dYdX Investigates Unexpected Block Production Halt During Scheduled Upgrade
Summary:
DeFi protocol dYdX is currently scrutinizing an unexpected halt in block production during its scheduled upgrade. Post-maintenance, the block production hasn't resumed. Though the issue is being investigated, protocol states that the solution may not be available soon. This comes after recent steps in dYdX to allow staking of 20 million tokens and increments in their trading activities. The dYdX platform also recently endured a cyber-attack, causing $9 million loss. Actions for enhanced security measures and pursuance of legal actions against the attacker are under consideration.
dYdX, a decentralized finance (DeFi) protocol, has reported that it is addressing an unexpected halt in block production that occurred during a routine upgrade of its network. On April 8 at 05:30 UTC, a status update from the company stated that the dYdX chain was undergoing a planned protocol update, which might trigger temporary disruptions in its operations. Strangely, after this scheduled maintenance, the block production did not restart. Current data from the blockchain explorer platform, Nodes Guru, indicates that the most recently created blocks by the dYdX mainnet date back to the time allocated for the upgrade, which was five hours ago. Nodes Guru provides evidence that the blocks produced by dYdX mainnet (GST timezone). There was an official confirmation from dYdX about the incidence on the chain. By 6:50 UTC, they shared that their team was already on it. The team, nonetheless, mentioned that the issue is still under investigation and may not be fixed sooner. As per their words: "Continuous investigation is being carried out. It has been decided to regroup with the validators around 15:00 UTC. As a result, the devs will not propose a solution or a fix until then to prevent the validators from being penalized due to their absence when the chain restarts." The protocol upgrade, initially proposed on Feb. 21, incorporates additions like order book features, safety enhancements, and Cosmos-related improvements. This interruption follows a recent activity in dYdX where the majority approved the staking of 20 million tokens. The dYdX community gave a green signal on April 6 to stake $61 million worth of treasury tokens on the liquid staking platform, Stride. According to dYdX, this measure comes in the wake of increasing trading activities within the protocol. “The velocity of DYDX being staked to validators reached a plateau and the rate at which deposits are made into the exchange is skyrocketing,” they shared. Recently, the dYdX platform also battled a targeted cyber-attack which resulted in a loss of $9 million in November 2023. The protocol confirmed on Jan. 3 that it had singled out the assailant and was pondering legal response. It further emphasized that it has reinforced its trading platform security by incorporating advanced monitoring and alerts.
Published At
4/8/2024 2:44:26 PM
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