Blockchain

Layer 2 Base Appears First Major Outage Since Launch

Layer-2-Base-Appears-First-Major-Outage-Since-Launch

Key Points:

Base faced its first major outage since its August launch due to a block production failure, but a swift fix restored normalcy.
The network recently saw a substantial $400 million TVL increase following the introduction of the Aerodrome decentralized exchange.
The outage highlights the importance of Layer 2 solutions in enhancing the Ethereum ecosystem’s scalability and efficiency.

Coinbase’s Ethereum layer-2 network, Base, encountered its first major disruption since its public launch on August 9. The outage, which occurred on September 5, resulted in a temporary block production failure.

For approximately 45 minutes, no new blocks were produced on the chain. The development team swiftly initiated an investigation and subsequently deployed a fix to address the issue.

Block production has since resumed, with network operation and the RPC API returning to normal functionality. Coinbase confirmed that no funds were at risk during the disruption.

In response to the incident, it stated:

“We have verified recovery of network health and RPC APIs. We will continue to monitor to ensure stability.”

Base, launched to improve the efficiency of decentralized applications (dApps) on Ethereum, offers faster and cheaper transactions, full compatibility with the Ethereum Virtual Machine (EVM), and seamless integration with Coinbase products and services.

It operates on the OP Stack, an open-source framework for optimistic rollups, in collaboration with Optimism, a leading developer of this technology.

The network recently experienced a significant increase in total value locked (TVL), with over $400 million added to its TVL following the introduction of a new decentralized exchange known as Aerodrome.

The development showcases the growing interest in Layer 2 solutions and their potential to enhance the Ethereum ecosystem.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.