DEGEN CHAIN’S LAYER-3 NETWORK STALLS FOR 53 HOURS 

The Ethereum layer 3 blockchain, Degen Chain, has been unable to validate transactions or produce new blocks for over 53 hours, rendering the network and all associated applications inoperative.

Degen Chain last produced a block at 8:15 pm UTC on May 12, as reported by its block explorer. This interruption affects one of the few layer 3 blockchains that rely on a layer 2 network, specifically the Ethereum layer 2 chain Base, for settlement and utilizes the AnyTrust protocol for data availability.

In an update posted on May 14 on X, Degen Chain’s management indicated that they are actively working with their development partner, the rollup infrastructure platform Conduit, to resolve the issue. The cause of the disruption has been traced back to a “custom config change” that also impacted the gaming network Apex, halting block production.

Conduit’s statement revealed that the nodes for Degen Chain are currently being resynchronized starting from the network’s genesis block, with efforts underway in collaboration with Offchain Labs to restore service and minimize disruption to users.

The network is expected to regain full functionality after the resynchronization process, which is scheduled to conclude by 1:00 pm UTC on May 15.

During this downtime, all decentralized applications hosted on Degen Chain, including DegenSwap, Mint Club, and the Relay bridge service, remain non-functional. The network’s native token, DEGEN, has also experienced a 24% drop in value, falling from a seven-day high of $0.02 on May 13 to $0.015, according to CoinGecko.

The concept of layer 3 blockchains has sparked debate within the cryptocurrency community. Last month, Polygon CEO Marc Boiron criticized layer 3 solutions, claiming they divert value from Ethereum to the layer 2 networks on which they are built. Conversely, supporters like Arbitrum Foundation researcher Patrick McCorry advocate for layer 3 blockchains, highlighting their potential to reduce transaction costs by using layer 2 networks for settlement.

Read more from the blog

News

3 May 2023

StoneBlock CEO: Nervous investors will be eliminated from the market

News

16 May 2024

MASTERCARD LAUNCHES NEW BLOCKCHAIN STARTUP PROGRAM 

News

16 May 2024

BITCOIN HITS $64.7K AS US CORE INFLATION DIPS