Amid the increased market activity, Coinbase has informed its users of a planned service outage. The temporary outage is being described as a proactive measure taken to ensure the stability and functionality of the platform. “We apologize for any inconvenience and thank you for your patience,” Coinbase wrote in an update.
American cryptocurrency exchange Coinbase Global Inc. has announced a temporary service outage due to a system upgrade that will begin at approximately 9:00 AM PT on Saturday, October 26, 2024. The upgrade is expected to last approximately two hours and will impact several products, including Basic and Advanced Trading, as well as trading functionality on Coinbase Exchange and Prime. All transfer services on Coinbase Exchange will be unavailable during the outage, and existing transactions will be delayed. However, users will be able to maintain access to their accounts and will not be required to take any action. Despite this inconvenience, the measure is reportedly being taken with the aim of providing significant improvements.
Historical Context and Platform Stability
Coinbase has a history of experiencing service outages during periods of high traffic. For example, there was a major outage when Bitcoin was hitting an all-time high of over $73,000. This outage highlighted the difficulties the exchange faces during periods of increased user activity. In May, Coinbase experienced a widespread system outage, with users encountering “503 Temporarily Unavailable” error messages. The platform quickly resolved the situation, apologized for the outage, and promised to ensure the reliability of its services to its users.
Future Outlook and Developments
The planned outage, while likely to be a short-term inconvenience, is aimed at making long-term improvements to the platform. These improvements include upgrades to Base’s Layer-2 blockchain. The anticipated launch of cbBTC on the Base Network is set to increase network activity and contribute positively to the “Uptober” phenomenon. Coinbase continues to update its platform by supporting new cryptocurrency projects. Recently, it warned users to avoid unsupported networks when sending EigenLayer (EIGEN). This update was in conjunction with Coinbase supporting EIGEN as an ERC-20 token on the Ethereum network. This expanded the platform’s services by introducing new trading opportunities for EIGEN with region-specific trading capabilities.
