📰 Table Of Contents
Degen Chain Outage: A Detailed Overview
Degen Chain, a layer-3 blockchain, faced a significant two-day outage that impacted its network and associated applications.
Root Cause of the Outage
The outage resulted in the network failing to produce a block for over 53 hours, causing widespread disruption. The network stalled at 8:15 p.m. UTC on May 12 due to a configuration error.
Technical Details of Degen Chain
Degen Chain settles transactions on a layer-2 network, specifically using the Ethereum layer-2 chain, Base, for settlement, and the AnyTrust protocol for data availability functions.
Collaboration with Conduit
In response to the outage, Degen Chain worked closely with Conduit, a rollup infrastructure platform, to identify and address the issue. The problem was traced back to a custom configuration change affecting both Degen Chain and the gaming network Apex.
Restoration Efforts and Community Impact
Currently, nodes are resynchronizing from the genesis block to restore service. The network is expected to resume functionality by 1:00 p.m. UTC on May 15.
Impact on Decentralized Applications
The downtime affected various decentralized applications hosted on Degen Chain, including DegenSwap, Mint Club, and Relay Bridge, leading to a 24% decline in the native DEGEN token’s value.
Debate on Layer-3 Networks
This incident has sparked debates on the role and value of layer-3 networks in the crypto community. While some argue that L3 networks divert value from Ethereum, others see them as beneficial for making transactions cheaper.
Despite recent activity and transaction volume on Degen Chain, concerns have been raised about the prevalence of tokens associated with rug pulls and scams within the network.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
