Base ecosystem project Degen Chain (DEGEN) announced that its Layer 3 blockchains are encountering downtime issues, which are presently being tackled with the assistance of the crypto-focused infrastructure platform Conduit. According to on-chain data, Degen Chain has ceased producing blocks for over 11 hours.
The disruption on the Degen Chain commenced suddenly, resulting in the network’s inability to validate new transactions. This issue became apparent when the network halted at block #15524774 around 0:15 AM UTC earlier today.
The downtime has resulted in the complete inoperability of several decentralized applications and bridges on the Degen Chain, such as the Relay bridge, DegenSwap, Mint Club, and Frogswap. Users of these platforms are presently unable to execute any transactions. However, it’s worth noting that the current network issues have not affected the on-chain activities of the DEGEN token on Base, which remains operational without interruption.
We're currently experiencing a delay with Farcaster data on Dune and are actively working with @DuneAnalytics to address this issue. Additionally, the L3 chain is facing some downtime; we're in the process of resolving this with @conduitxyz. We appreciate your patience!
— Degen (@degentokenbase) May 13, 2024
Degen Chain Records 272,000 Independent Transactions, Totaling $100M In First Week Of Operation
Web3 services provider Syndicate, responsible for the development of Degen Chain, initiated the project in March. Since its launch, the network has experienced a significant increase in transaction volume, surpassing 272,000 independent transactions, amounting to nearly $100 million within the initial week of operation.
At present, the project’s total value locked (TVL) is recorded at $2.6 million, as reported by DeFiLlama.
Degen Chain functions as a Layer 3 blockchain built on Ethereum, operating on the Arbitrum Orbit stack. It is primarily settled on Base, and it incorporates the AnyTrust protocol to guarantee data availability. Degen Chain is crafted for the DEGEN token and does not support stablecoins, limiting users to transactions or trades exclusively with its native token.
The fundamental principle of a Layer 3 network involves having a blockchain capable of efficiently and consistently executing a particular set of tasks, which may include various activities. The Layer 3 network is specifically designed to handle only those particular transaction types.
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