As a crypto investor with experience in decentralized finance (DeFi) and blockchain technology, I find the current situation with Degen Chain deeply concerning. The prolonged downtime of this Ethereum layer 3 blockchain is not only affecting its own ecosystem but also the applications built on it, such as DegenSwap, Mint Club, and Relay bridge. These are all important platforms for users in the DeFi space, and their inoperability during this time is a significant setback.
As a researcher studying decentralized blockchain networks, I’ve encountered an issue with Degen Chain, a layer 3 blockchain solution built on Ethereum. For more than two days (53 hours to be precise), this network has been unable to validate transactions or create new blocks. Consequently, applications relying on Degen Chain have become inoperable, causing significant inconvenience for its users.
I analyzed the Degen Chain network and noticed that the last block was generated at 8:15 pm UTC on May 12, as indicated by its block explorer.
One of several layer 3 blockchains, this platform processes transactions on a layer-2 network instead. For transaction settlements, it relies on the Ethereum layer 2 chain, Base. Meanwhile, AnyTrust protocol ensures data availability during these processes.
In a post on May 14th, the official Degen Chain account announced that they were collaborating with their development partner, Conduit (a rollup infrastructure platform), to address the current downtime.
The cause of the downtime, according to Conduit, can be attributed to a “custom configuration adjustment” leading to a halt in block production for Degen Chain and gaming network Apex.
As a network analyst, I would describe it this way: I’ve noticed that Degen Chain is currently in the process of synchronizing with its genesis block. This means that new nodes are being added to the network and they are starting from the very first block in the chain.
“Collaborating with both teams and Offchain Labs to reinstate the service and lessen the effect on users,” Conduit stated on X.
According to Degen Chain’s latest update, the estimated time for the network to restart following the “resync” process is around 1:00 pm UTC on May 15 (6:00 am PST on May 15).
The Degen Chain, initially designed for its indigenous meme token Degen (DEGEN), offers a selection of decentralized applications such as DegenSwap, Mint Club, and the bridging service Relay bridge. However, these apps are presently nonfunctional during the blockchain’s period of inactivity.
According to CoinGecko’s latest figures, the value of the DEGEN token on the network has dropped by approximately 24% from its peak of $0.02 reached on May 13, now standing at around $0.015.
In the cryptocurrency realm, the debate surrounding Layer 3 blockchains has been quite heated. According to Polygon CEO Marc Boiron, his perspective is that “Layer 3 chains primarily serve to siphon value from Ethereum and channel it toward the Layer 2 platforms upon which they are constructed.”
Advocates of Layer 3, including researcher Patrick McCorry from the Arbitrum Foundation, argue that these networks appear to be an obvious choice for serving as the settlement layer due to their ability to reduce transaction costs when compared to Layer 2 networks.
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2024-05-15 06:18