Key Points:
- Coinbase’s Base testnet on Ethereum crashed a few hours after launch.
- The error occurred because the Coinbase wallet incorrectly estimated the gas fees required to execute the user’s transactions.
- The community was also displeased when the Base team changed its original commitment to donate 20% of its revenue to fund public goods, but then removed it.
Hours after Coinbase released the Base testnet of the Ethereum L2 network, the network crashed, sending users flooding social media to complain about the network’s functionality.
Twitter user @0xfoobar attached a screenshot of the Etherscan transaction list and said: “Base’s bridging got off to a rough start. Every transaction has been rolled back, and the bridging contracts haven’t been verified, so no one can figure out what happened.”
However, some of those transactions appear to have been rolled back. Coinbase said an issue caused the operational glitch on the test network with its wallet.
The Coinbase wallet incorrectly estimated the gas fees required to execute users’ transactions. As a result, the user pays less gas than is needed to complete the transaction, which causes Base to revert these transactions instead of processing them.
Coinbase software engineer Roberto Bayardo explained on Twitter a few hours after the release: “Should fix now. Demand contracts increase gas usage under load, which wallets don’t estimate accurately. Gas limits are now hardcoded higher.”
According to Bayardo, the sudden increase in users may have overloaded the protocol and was one of the causes of the crash on the day of the testnet’s launch.
Additionally, one Twitter user discovered that the Base team had initially pledged on their website to donate 20% of Sequencer’s revenue to “finance public goods,” but later removed the billions percentage and updated that Base will contribute an undisclosed amount to the public good, or “a portion of the Sequencer’s revenue.”
A Coinbase representative said the 20% figure was removed from Base’s website as it worked with Optimism Collective to finalize the revenue allocated to public goods.
Before that, the new Centralized Protocol Base on Ethereum formed an integral part of Coinbase’s strategy to direct its business into the developer space. But it has not met the expectations of users.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
Author
News
Ethereum’s L2 Base Testnet Has Crashed
Key Points:
- Coinbase’s Base testnet on Ethereum crashed a few hours after launch.
- The error occurred because the Coinbase wallet incorrectly estimated the gas fees required to execute the user’s transactions.
- The community was also displeased when the Base team changed its original commitment to donate 20% of its revenue to fund public goods, but then removed it.
Hours after Coinbase released the Base testnet of the Ethereum L2 network, the network crashed, sending users flooding social media to complain about the network’s functionality.
Twitter user @0xfoobar attached a screenshot of the Etherscan transaction list and said: “Base’s bridging got off to a rough start. Every transaction has been rolled back, and the bridging contracts haven’t been verified, so no one can figure out what happened.”
However, some of those transactions appear to have been rolled back. Coinbase said an issue caused the operational glitch on the test network with its wallet.
The Coinbase wallet incorrectly estimated the gas fees required to execute users’ transactions. As a result, the user pays less gas than is needed to complete the transaction, which causes Base to revert these transactions instead of processing them.
Coinbase software engineer Roberto Bayardo explained on Twitter a few hours after the release: “Should fix now. Demand contracts increase gas usage under load, which wallets don’t estimate accurately. Gas limits are now hardcoded higher.”
According to Bayardo, the sudden increase in users may have overloaded the protocol and was one of the causes of the crash on the day of the testnet’s launch.
Additionally, one Twitter user discovered that the Base team had initially pledged on their website to donate 20% of Sequencer’s revenue to “finance public goods,” but later removed the billions percentage and updated that Base will contribute an undisclosed amount to the public good, or “a portion of the Sequencer’s revenue.”
A Coinbase representative said the 20% figure was removed from Base’s website as it worked with Optimism Collective to finalize the revenue allocated to public goods.
Before that, the new Centralized Protocol Base on Ethereum formed an integral part of Coinbase’s strategy to direct its business into the developer space. But it has not met the expectations of users.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
Other Posts
Related Posts
Latest
10 Best Cryptocurrencies to Buy in November 2024 Before Major Bull Run Swings into Action
BIT Mining (NYSE: BTCM) Invests in Prosper’s Native Tokens to Support New Focus on Bitcoin Mining
Press Release
10 Best Cryptocurrencies to Buy in November 2024 Before Major Bull Run Swings into Action
BIT Mining (NYSE: BTCM) Invests in Prosper’s Native Tokens to Support New Focus on Bitcoin Mining
