Arbitrum (ARB), a popular Ethereum (ETH) layer 2 scaling solution, suffered a severe outage Friday morning due to a “significant” surge in network traffic.
According to Arbitrum’s status page, the protocol’s sequencer, which is responsible for placing users’ trade orders, went down at 7:29 AM PST and did not resume operations until 8:57 AM.
Layer 2 scaling solution Called We plan to release a post-outage analysis as soon as possible.
“Our team is actively investigating, but the continued surge in inscriptions confirms that the sequencer has properly stopped relaying transactions.”
The protocol resumed operations at 8:57 a.m., but Arbitrum’s gas prices did not increase. stabilize Until 1 PM (PST).
The project’s native token, ARB, has fallen more than 6% in the past 24 hours, roughly double the average cryptocurrency price movement on Friday. According to CoinGecko, the overall cryptocurrency market capitalization fell 3.2% during the same period.
According to DeFi Llama, a decentralized finance tracker, Arbitrum currently ranks fourth in terms of total locked value (TVL) among all chains, behind Ethereum, Tron (TRX), and Binance Smart Chain (BSC). The project currently has $2.345 billion registered with TVL.
TVL represents the amount of capital deposited within a protocol’s smart contracts and is often used to measure the health of the cryptocurrency ecosystem.
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