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Blast Network Encounters Block Production Disruption
A Blast block explorer has reported a disruption in block production on the Blast network during the Ethereum Dencun upgrade. No blocks have been produced since approximately 14:05 GMT.
Background on Blast Network
Designed as an experimental layer-2 solution on Ethereum, the Blast network offers a native yield on assets. The layer-2 blockchain team has conducted a full analysis of the issue and will be sharing it shortly.
Details of the Block Production Halt
The Blast Mainnet has ceased producing blocks due to issues related to Ethereum’s Dencun upgrade. Core engineering contributors are actively working on a fix, with an estimated time of 30-60 minutes for implementation.
According to an announcement by the Blast project, the halt in block production is attributed to issues arising from Ethereum’s Dencun upgrade. The upgrade, a significant update for the Ethereum network, was deployed earlier in the day.
Resolution of the Issue
The Blast team promptly responded to the issue, with core engineers working to find a solution. After approximately an hour, operations returned to normal, and a full analysis of the incident will be published soon.
Additionally, updates were announced for the Blast node repository, along with guidance for users experiencing transaction issues during the downtime. Instructions were shared for MetaMask and Rabby users, with ongoing efforts to upgrade Blast nodes with Infura and BlockPi.
Blast Network Statistics and Developments
The Blast network has gathered a Total Value Locked (TVL) value of $2.96 billion, including smart contracts on the network and its Ethereum multi-sig wallet. Several protocols, such as Orbit Protocol, Ring Protocol, and Pac Finance, have been developed on the Blast network or integrated with it.
In the last 24 hours, Orbit Finance, the largest protocol within the network, saw a significant increase in TVL, rising by 32% to reach $431 million. Despite this surge, the native token of Orbit experienced a decline in value, dropping by over 20% today following its issuance on March 8.
Blast, a fork of Optimism, surpassed Optimism as the second-largest Ethereum rollup by TVL. The Blast ecosystem hosted 51 protocols, collectively securing over $1 billion in assets.
Developers’ Interest in Blast Network
Developers showed interest in Blast’s deep liquidity and the successful track record of its founder in building the NFT marketplace Blur. Over 3,000 projects participated in a developer contest to launch on the Layer-2 mainnet and receive an enhanced airdrop allocation.
The Dencun upgrade is anticipated to make it more cost-effective to use layer-2 networks, thanks to a new ability that allows the network to store information for a limited time rather than indefinitely.
