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Home»ALTCOIN NEWS»Ethereum (ETH) layer 2 scaling solution Arbitrum (ARB) experiences ‘massive outage’ due to surge in traffic
ALTCOIN NEWS

Ethereum (ETH) layer 2 scaling solution Arbitrum (ARB) experiences ‘massive outage’ due to surge in traffic

By Crypto FlexsDecember 16, 20232 Mins Read
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Ethereum (ETH) layer 2 scaling solution Arbitrum (ARB) experiences ‘massive outage’ due to surge in traffic
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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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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created by: Midjourney

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