Degen Chain, the layer 3 Ethereum-based blockchain developed for the Degen meme token, appears to have experienced some downtime, halting new block production and affecting related services.
The outage began unexpectedly, with the network halting verification of new transactions for more than 11 hours, according to the block explorer. The outage came to light when the network experienced a network outage at block #15524774 around 4:15 PM ET on Sunday.
The downtime caused various decentralized applications and bridges on Degen Chain, including the Relay bridge, DegenSwap, Mint Club, and Frogswap, to become completely inoperable. Therefore, users of the platform are currently unable to perform any transactions.
Operating on the Arbitrum Orbit technology stack, Degen Chain primarily settles on the Base and utilizes the AnyTrust protocol to ensure data availability.
Web3 infrastructure provider Syndicate launched Degen Chain in late March. According to DeFiLlama, it currently has a Total Value Locked (TVL) of $2.6 million.
The chain uses Degen as its primary gas token instead of ETH. Degen is Base’s ERC-20 token and was created on Farcaster’s Degen channel in January 2024.
Interestingly, the current network issue has not affected the on-chain activity of the Degen token on Base, which continues to operate without interruption.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.