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Decentralized Finance Protocol dYdX Investigating Block Production Halt
Decentralized finance (DeFi) protocol dYdX is currently investigating an unexpected halt in block production following a scheduled upgrade of its chain on April 8. dYdX has confirmed the outage on its mainnet and noted that ecosystem engineers are currently debugging the issue. According to an incident report, the outage has been ongoing since 6:50 a.m. UTC, and no fix is expected for several hours.
Major Outage Details
- The dYdX Chain protocol v4.0 software upgrade is currently underway.
- The upgrade was expected to occur between 7:00-8:00 AM (UTC).
- Monitor the targeted block height page for updates as the timing may vary.
On April 8, at 5:30 am UTC, dYdX issued a status report informing users about the ongoing scheduled protocol upgrade and cautioning about potential disruptions in dYdX Chain functionalities.
Latest Updates
- The dYdX Chain is currently halted due to the v4.0.0 software upgrade.
- The issue is being actively investigated with hopes for resolution in the next few hours.
Despite the completion of the scheduled maintenance, block production on the chain failed to resume. As of the latest update, blockchain explorer platform Nodes Guru indicates that the dYdX mainnet has not produced any new blocks since the time of the scheduled upgrade, which occurred five hours prior.
Resolution Efforts
The investigation is ongoing, with the team indicating that a resolution may not be reached until later. dYdX mentioned convening with validators around 3 pm UTC to discuss potential solutions without risking validator penalization for being offline during the chain restart.
The incident represents the first major outage for the protocol since dYdX version 4 and its standalone Cosmos blockchain launched on the mainnet in October.
Background on dYdX Chain and Recent Developments
Initially suggested on February 21, the proposed protocol upgrade sought to introduce several advancements, including order book features, risk and safety improvements, and enhancements related to Cosmos integration.
dYdX launched its dYdX Chain in October 2023, enabling DYDX token holders to transfer funds from the Ethereum network to the new platform, expanding its utility. Data from DefiLlama shows dYdX total value locked on-chain at $509.71 million at the time of writing. The network generated over $48.59 million in fees over the past twelve months.
The project unveiled its decision to migrate from Ethereum in early 2022, citing concerns over the network’s scalability issues. The incident does not appear to have impacted the price of dYdX’s token, which is up over 4% during the past 24 hours, according to CoinMarketCap.
On April 6, the dYdX community voted to authorize the staking of $61 million in treasury tokens on the liquid staking protocol known as Stride. This move comes in response to the increasing trading activity within the protocol, as highlighted by dYdX.
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.
