Ethereum Layer 3 blockchain Degen Chain has been unable to verify transactions or create new blocks for over 53 hours, rendering the network and its applications completely unusable.
According to Block Explorer, Degen Chain stopped at 8:15 PM UTC on May 12, when the network last created a new block.
It is one of the few layer 3 blockchains that settles transactions on a layer 2 network. It uses the Ethereum layer 2 chain Base for payments and the AnyTrust protocol for data availability features.
In a May 14
Conduit said the downtime could be traced to issues caused by “custom configuration changes” by Degen Chain and gaming network Apex that halted block production.
Nodes added to the Degen Chain are resynchronized from the genesis block, the first block of the network.
“We are working with our team and Offchain Labs to restore service and minimize the impact to our users,” Conduit wrote of X.
Degen Chain’s current estimates are that network functions will resume sometime after a “resynchronization” has been performed, which is currently scheduled for May 15th at 1PM UTC (May 15th 6AM PST).
Originally developed for the native memecoin Degen (DEGEN), Degen Chain also hosts a variety of decentralized applications, including DegenSwap, Mint Club, and the bridging service Relay bridge. All of these applications are currently unable to function during blockchain downtime.
The network’s native DEGEN token fell 24% from a seven-day high of $0.02 on May 13 to $0.015, according to CoinGecko. data.
Layer 3 blockchain has been a controversial topic in the cryptocurrency industry. Last month, Polygon CEO Marc Boiron argued that Layer 3 “exists only to take value away from (Layer 2), which is what Ethereum and L3 are built on.”
Layer 3 advocates like Arbitrum Foundation researcher Patrick McCorry say “I don’t think there’s anything to be afraid of” about Layer 2 networks acting as a settlement layer and making transactions cheaper.
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