Coinbase-backed Ethereum Layer-2 network Base faced a notable outage during the night. This outage caused block production to stop temporarily for about an hour. Coinbase’s layer-2 solution has suffered its first major outage since network launch. For more than 45 minutes on September 5, no new blocks were completed on the Base network. However, the layer-2 developers quickly identified the problem and fixed it. Here are the details…
Coinbase supported network outage problem
cryptocoin.com As we have also reported, Coinbase, the largest crypto exchange in the USA, launched its Base network in the past months. Now, it has faced an outage for the first time since its launch. However, he stressed that the project team acted quickly to rectify the situation and that no funds were at risk during the outage. Therefore, Base users were relieved. The stopping of the base chain occurred in two stages. The outage lasted 30 minutes and then 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 🛡️ (@BuildOnBase) 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 refresh. Through Twitter, they reassured the community that the issue was fixed and that “No funds were at risk”. While the outage was promptly resolved, an ongoing issue with remote calls (RPCs) caused a delay in reporting “all is well”. This extended the investigation by another 90 minutes.
Base experienced a spike in daily trading volume
Backed by Coinbase, Base has seen notable growth in daily trading volumes, surpassing the Ethereum base, despite being less than a month away. In particular, it earned around $6 million from protocol fees, according to data from DeFi Llama. A recent technical glitch has led to other Blockchain solutions being compared in terms of their relative stability. As we mentioned above, this was Base’s first major technical glitch since launch.
Looking at the latest updates, Base offers native support for USD Coin (USDC). It has also established integrations with Ledger Live and the PancakeSwap decentralized exchange. It has also partnered with key Blockchain projects such as Base, Chainlink, Aragon, and various consumer brands. TVL in DeFi apps in Base has consistently reached all-time highs with over $320 million in assets locked in the Base network as of August 31. This growth can be attributed to Aerodrome, a decentralized exchange liquidity incentive program launched on Base.
