Kenne Michael 
The Ethereum network recovered two performance issues that prevented blocks from being finalized on the network in the past 24 hours.
On Friday, Terence.eth, a pseudonymous Ethereum developer, tweeted that the network has resumed finalizing blocks and that clients, the software that powers Ethereum nodes, are releasing updates to resolve the issue.
“Mainnet just finalized but not out of the woods. Clients are releasing patches today. Stay tuned,” Terence.eth said.
What was the point in client diversity if they all copied eachother?
— PSY (@PSYTWEAK) May 12, 2023
The second-largest blockchain in market capitalization users was alarmed by the occurrence, which was the second of its kind in 24 hours.
Finalized blocks are crucial in providing proof-of-work validation, making networks like Ethereum simple and reliable to trust.
According to the Ethereum Foundation, finality in Ethereum takes approximately 15 minutes. It guarantees that a block cannot be altered or withdrawn from the blockchain without burning at least 33% of the total ETH staked.
Despite the technical glitch, the Ethereum network has resumed concluding blocks and is operating effectively.
Ethereum Reliability at Risk Due to Performance Concerns
The past week’s Ethereum performance issues may have tarnished its credibility in developers’ eyes.
On the market, Ethereum is viewed as one of the most stable networks historically. Network stability is essential for blockchains seeking to attract users and capital.
Due to Ethereum’s lack of finality, some Ethereum-based services, including DYdX, a leading cryptocurrency exchange platform, had to suspend deposits temporarily.
After today’s incident, the self-proclaimed Ethereum Beacon Chain community health consultant Superphiz.eth tweeted, “The second wave is over, but I fully expect a third.”
Additionally, the Ethereum expert advised validators to upgrade their hardware specifications if possible, switch to a minority client, and implement patches as they become available. He added:
“But really don’t worry too much. As bad as this looks, the chain keeps going and eventually finalizes.”
The pinnacle of a well decentralized system is that it can take a beating and keep going. Ethereum choked but kept going. We can continue to improve by getting staked Ether away from industry and putting those coins to work staking in homes by people passionate about Ethereum.
— superphiz.eth 🦇🔊🛡️ (@superphiz) May 13, 2023
Ethereum is now an integral component of the blockchain ecosystem, hosting multibillion-dollar financial infrastructure networks and other applications.
DefiLlama data indicates that there is currently more than $27 billion in Total Value Locked (TVL) on the Ethereum network.
With over $12 billion in TVL, liquid staking platform Lido Finance accounts for most of this figure. On Ethereum, MakerDAO, AAVE, and Curve Finance are the next three largest DeFi platforms.
ETH, Ethereum’s native token, is currently trading at approximately $1,800, an increase of 2.0% from the previous day. In the past week, the token has decreased by almost 7 percent.