Base, the Coinbase-backed Ethereum Layer-2 network, experienced a significant outage overnight. This outage caused block production to temporarily halt for approximately an hour. Coinbase’s layer-2 solution has experienced its first major outage since the network launch. For more than 45 minutes on September 5, no new blocks were completed on the Base network. However, layer-2 developers quickly identified and fixed the problem. Here are the details…
Coinbase supported network outage problem
As we reported as Kriptokoin.com, Coinbase, the largest crypto exchange in the USA, launched the Base network in recent months. Now, it has faced an outage for the first time since its launch. However, he stressed that no funds were at risk during the outage, as the project team acted quickly to rectify the situation. Therefore, Base users are relieved. The stopping of the base chain occurred in two stages. The outage lasted 30 minutes and then continued for another 30 minutes until the network was fully restored.
Earlier today we had a delay in block production due in part to our internal infrastructure requiring a refresh.
The issue has been identified and remediated. No funds are at risk.
To stay updated, check https://t.co/ipa94DPBLq
— Base (@base) September 5, 2023
Base’s technical team was quick to identify and resolve the issue. He attributed the problem in part to a delay in block production due to an internal infrastructure upgrade. Via Twitter, they assured the community that the issue had been resolved and “No funds are at risk.” While the outage was resolved immediately, an ongoing issue with remote calls (RPCs) caused a delay in issuing an “all OK” report. This extended the investigation by another 90 minutes.
Base experienced a jump in daily trading volume
Base, powered by Coinbase, has shown significant growth in daily transaction volumes, surpassing Ethereum base despite being less than a month old. In particular, DeFi generated approximately $6 million from protocol fees, according to Llama’s data. The recent technical glitch has led to comparisons of other Blockchain solutions in terms of their relative stability. As we mentioned above, this was the first major technical glitch that Base had experienced since its launch.
Judging by the latest updates, Base offers native support for USD Coin (USDC). It also established integrations with Ledger Live and PancakeSwap decentralized exchange. It has also established partnerships with major Blockchain projects such as Base, Chainlink, Aragon and various consumer brands. TVL on DeFi applications on Base has consistently reached all-time highs, with over $320 million in assets locked on the Base network as of August 31. This growth can be attributed to Aerodrome, a decentralized exchange liquidity incentive program launched on Base.
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