Coinbase Transactions Fail Due to Rising Activity on Base Network

Due to base network congestion coinbase wallet and coinbase.com transactions may encounter periodic failures

Coinbase, the leading American cryptocurrency exchange, is experiencing problems again on Wednesday—but unlike previous instances, which were blamed on an increase in crypto trading activity as Bitcoin’s price rose to a new all-time high, this wave of problems is being blamed on Base, the Ethereum scaling network that Coinbase itself incubated.

“Due to network congestion on the Base network, transactions on Coinbase Wallet and Coinbase.com may experience intermittent failures,” The message on Coinbase’s status page states, “If the network does not confirm your transaction, please wait or submit your transaction again on Coinbase.com. We advise that Coinbase Wallet customers wait for congestion to resolve before submitting transactions on the Base network.”

Base transactions have increased considerably recently after the release of last week’s Ethereum Dencun update, which promised to lower transaction costs on layer-2 scaling networks. Indeed, Base, built on Optimism’s scaling technology, has witnessed a significant drop in fees, plummeting by 90% or more, along with specific other networks.

Dune’s public blockchain data reveals a significant increase in Base transaction volume, ranging from a daily average of roughly 400,000 before the Dencun upgrade to a million or more each of the previous several days. The Base Network set a new daily transaction record of 2.12 million on Saturday.