Degen Chain Outage: Network Restored, L3 Debate Reignited
Degen Chain Outage: Community Restored, L3 Debate Reignited
The contemporary two-day outage of the Degen Chain proved to be extra than a minor misfortune. It introduced about excessive disruption because the network did not make a block for over 53 hours. This disruption had a cascading raise out, rendering the network and its associated functions unusable.
In holding with its block explorer, the network stalled at 8:15 p.m. UTC on Could per chance per chance well moreover 12, marking the time of the closing produced block.
Degen Chain Stalled Due to Configuration Error
Degen Chain is with out doubt one of many many few layer-3 blockchains that pick transactions on a layer-2 network. It explicitly uses the Ethereum layer-2 chain, Snide, for settlement and the AnyTrust protocol for recordsdata availability functions.
Conduit estimates the Degen L3 resync will entire by 6 AM Pacific. Put up-resync, they'll check the chain to make certain all recordsdata tormented by the reorganization is restored. We express feel sorry about for the downtime. For extra records, please leer @conduitxyz's post. https://t.co/yhPyieBKch
— Degen 🎩 (@degentokenbase) Could per chance per chance well moreover 14, 2024
In a Could per chance per chance well moreover 14 post on X, Degen Chain acknowledged it collaborated carefully with its enhance accomplice, Conduit, a rollup infrastructure platform.
Conduit turned into instrumental in tracing the yelp to a “customized config alternate” that affected every Degen Chain and the gaming network Apex, halting block manufacturing.
Restoration Efforts and Community Impression
Currently, nodes for the Degen Chain are resynchronizing from the genesis block, the network’s first block, as half of the restoration path of. Conduit acknowledged, “We’re working with every groups and Offchain Labs to revive provider and sever impact to customers.”
Degen Chain initiatives that the network will resume performance after the resynchronization path of, which is expected to be achieved by 1:00 p.m. UTC on Could per chance per chance well moreover 15 (6:00 a.m. PST on Could per chance per chance well moreover 15).
Downtime for Degen Chain, a layer-3 blockchain at the starting up developed for its native meme coin, Degen (DEGEN), straight affected varied decentralized functions hosted by the blockchain.
Applications tackle DegenSwap, Mint Club, and the bridging provider Relay Bridge earn been all inoperable all by this period. In consequence, the native DEGEN token experienced a distinguished decline of 24% from its seven-day excessive of $0.02 on Could per chance per chance well moreover 13 to $0.015, per CoinGecko recordsdata.
Debate Reignited: The Characteristic of Layer-3 Networks
This incident has rekindled discussions in the crypto community referring to the viability and worth of L3 networks. Polygon CEO Marc Boiron has beforehand argued that these networks “exist finest to take hang of worth away from Ethereum and onto the [layer-2s] on which the L3s are constructed.”
He criticized Ethereum Layer 3 (L3) networks, arguing they are pointless for scaling and divert worth from the mainnet.
I agree that L2s are Ethereum. I disagree that L2 worth is Ethereum worth. Correct take hang of this to the inaccurate. If all L3s settled to one L2, then Ethereum would take hang of veritably no worth and, thus, Ethereum security would be at likelihood.
— Marc Boiron (@0xMarcB) March 31, 2024
He acknowledged that L3s finest transfer worth to the Layer 2 (L2) networks they are constructed on, potentially compromising Ethereum’s security. “I disagree that L2 worth is Ethereum worth. Correct take hang of this to the inaccurate. If all L3s settled to one L2, Ethereum would take hang of veritably no worth and, thus, Ethereum security would be at likelihood.”
Boiron emphasised that Polygon specializes in scaling Ethereum and guaranteeing very very top worth distribution between Polygon and Ethereum.
On the different hand, proponents of layer-3 suggestions, reminiscent of Arbitrum Basis researcher Patrick McCorry, argue that they are beneficial as they expend layer-2 networks as settlement layers, making transactions more cost effective.
Degen Chain experienced a contemporary raise in job just a few days ago, with practically $100 million in transaction volume. Since its inception, it has recorded over 272,000 queer transactions and created over 7,500 contracts and a pair of,300 tokens. However, many of these tokens earn been linked to rug pulls and scams.
Source : cryptonews.com
