The Layer 3 Degen Chain experienced an unprecedented halt, ceasing block production for over 11 hours.
This interruption has raised significant concerns among users and investors, given the chain’s pivotal role in enabling ultra-fast transactions and supporting the DEGEN token.
Degen Chain Stops for 11 Hours
When the Degen Chain abruptly halted its transaction processing, many speculated about potential technical issues or cyber-attacks. However, Will Papper, Co-founder of Syndicate and the driving force behind its Chain, swiftly addressed the issue via social media.
“Conduit has temporarily taken the chain down while they continue to resolve the re-org. They are targeting a fix by the end of the day today,” Papper said.
His prompt response, reassuring stakeholders that his team was actively working to resolve the outage and expected normal operations to resume shortly, demonstrated their commitment to resolving problems and reassured stakeholders.
The cause of the stoppage was later linked to a significant block reorganization, commonly known as a ‘reorg,’ which affected around 500,000 blocks. Following the reorg, Papper urged users experiencing transaction issues to retry any transactions made after the specific cutoff time provided.
Despite the temporary disruption, it has proven its resilience and high transaction throughput, surpassing its competitors within the Ethereum ecosystem. On April 19, the chain’s transactions per second (TPS) rate surged by 68.56%, achieving a remarkable 37.12 TPS, outstripping Base, a prominent Layer 2 solution.
This highlights its competitive advantage and potential for future growth.
What Are DEGEN and Degen Chain?
Initially popularized as a tipping token on Farcaster, a decentralized social media platform, the DEGEN token has grown in prominence, spurring the development of the Degen Chain. The token’s integration within the chain supports small-scale user transactions, bolstering its popularity and utility.
Read more: 7 Best Base Chain Meme Coins to Watch in 2024
At the time of this report, Degen Chain has accumulated nearly 13 million accounts, with the total transaction count exceeding 105 million. In the ten days following its launch, the chain generated over 3.2 million blocks, showcasing its robust activity and community engagement.
It operates using Arbitrum Orbit technology, which allows the customization of Layer 2 or Layer 3 chains, enhancing performance without compromising on security derived from the Ethereum main chain. Furthermore, the chain benefits from AnyTrust protocol, which reduces costs associated with data availability, ensuring all participants can access necessary transaction data.
Another cornerstone of Degen Chain’s architecture is its use of Base as a settlement layer. This provides secure and efficient transaction capabilities at a fraction of the cost while fully supporting Ethereum Virtual Machine (EVM) compatibility.
The Degen Chain is a technological marvel and a community-centric platform. It supports various decentralized finance (DeFi), gambling finance (GambleFi), and non-fungible token (NFT) platforms. This community-centric approach underscores its commitment to its users and its potential for widespread adoption. The focus now shifts to the future response and trends of the Degen Chain.
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