Degen Chain (DEGEN), part of the Base ecosystem, is facing downtime in its Layer 3 blockchains, halting block production for over eleven hours.
Degen Chain (DEGEN), a project in the base ecosystem, has stated that its Layer 3 blockchains are experiencing downtime. The team is currently collaborating with Conduit, a crypto-focused infrastructure platform, to address the issue. DEGEN has stopped making blocks for more than eleven hours, according to blockchain data.
The rapid onset of the Degen Chain interruption rendered the network unable to validate any new transactions. The network came to a standstill at block #15524774 at about 0:15 AM UTC earlier today, revealing this vulnerability.
Several decentralized apps and bridges on the Degen Chain, including Frogswap, Mint Club, DegenSwap, and the Relay bridge, have been entirely inoperable due to the outage.
There is currently no way for users of these sites to make a purchase. The on-chain operations of the DEGEN token on Base, however, are still running smoothly and unaffected by the present network problems.
Degen Chain’s First Week of Operation: 272,000 Separate Transactions Worth $100M
Syndicate, a Web3 services provider that developed Degen Chain, launched the initiative in March. Since its introduction, the network’s transaction volume has skyrocketed, with over 272,000 separate transactions totaling approximately $100 million in the first week of operation alone.
Total value locked (TVL) for the project is now $2.6 million, according to DeFiLlama.
Degen Chain is an Ethereum-based Layer 3 blockchain that uses the Arbitrum Orbit stack to conduct its operations. Its foundation is Base, and to ensure data availability, it uses the AnyTrust protocol.
Users are restricted to transacting or trading only with the DEGEN token since Degen Chain is built for the DEGEN token and does not allow stablecoins.
The core idea behind a Layer 3 network is a blockchain that can reliably and efficiently carry out a certain set of operations, which may include a wide range of things. Those are the only kinds of transactions that the Layer 3 network can process.