The value of DEGEN has crashed 22% since Could 12 amid the downtime.
Degen Chain, a Layer 3 community operating on prime of Base, has resumed operations after failing to provide a block for greater than 50 hours.
In keeping with Degen Chain’s block explorer, the community ceased producing blocks on Could 12 and remained dormant for 2 days earlier than coming again on-line.
“Degen Chain is up and operating once more — thanks for hanging in there,” the undertaking tweeted on Could 15. “We actually admire your endurance and assist.”
Degen’s third-party infrastructure supplier, Conduit, reported that the downtime was brought about by a configuration change that halted block manufacturing. The change resulted in lower than 5 addresses flooding the community with a excessive quantity of failed transactions, triggering the outage.
“These addresses had tens of hundreds of thousands of failed transactions and have been stalling the replay course of,” Conduit tweeted. “Transactions from these addresses could be replayed, however on a delay that doesn’t forestall the community from coming again on-line.”
The value of DEGEN is down 22% since Could 12, based on CoinGecko.
Degen rising
The prolonged outage got here only a few weeks after exercise on Degen Chain surged to unprecedented highs amid the third season of its second airdrop marketing campaign.
On April 25, the community ranked as the highest Ethereum Layer 2 or Layer 3 community by throughput after processing 43.4 transactions per second (TPS), based on L2beat. The spectacular efficiency even surpassed the all-time excessive of Base — the Layer 2 community leveraged by Degen Chain for settlement — which hosted a report excessive of 37 TPS on April 8.
Nevertheless, Degen Chain’s on-chain exercise shortly subsided as soon as claims for the most recent season of its airdrop marketing campaign went stay on April 30. DegenChain’s throughput crashed 73% roughly every week after its report excessive, coming in at 11.4 TPS on Could 1.
Degen Chain
Whereas Degen Chain went stay on March 28, the undertaking burst onto the web3 scene as a meme token in early January.
The DEGEN token was airdropped to customers of Farcaster, a well-liked web3 social community, on Jan. 7. DEGEN then captured headlines in March as a top-performing asset amid a memecoin buying and selling resurgence on Base, with the token posting an all-time excessive of $0.0568 on April 1 after skyrocketing greater than 3,000% in roughly two weeks.
The undertaking sought to capitalize on its momentum with the launch of a low-fee Layer 3 community constructed utilizing the Arbitrum Orbit tech stack and leveraging AnyTrust for knowledge availability on March 28. The DEGEN token now features as Degen Chain’s native gasoline token.
Whereas Degen Chain initially served as a brand new residence for the DEGEN token and neighborhood, the undertaking shortly invited third-party builders to construct on prime of the community.
Nevertheless, the community’s ecosystem at present hosts a complete worth locked of simply $2.15 million, down 79% from its April 1 all-time excessive of $10.5 million, based on DeFi Llama.
The community’s main protocol is DegenSwap, a decentralized change internet hosting a TVL of $1.26 million and pre-outage day by day quantity of roughly $102,000, based on CoinMarketCap.
The DEGEN token boasts a market cap of $197 million.
