In an unexpected turn of events, Base, the Ethereum Layer 2 network under Coinbase, recently experienced its first significant outage since its public launch last August. For about 45 minutes, no new blocks were produced on the Base chain. The developers detected this issue and implemented a fix, and the system resumed operation, showing evidence of a broadly recoverable block production.
The reason behind the sudden stop was attributed to a section of their internal infrastructure requiring a refresh. After addressing the problem, Base claimed that its team had implemented a plan resulting in steady recovery of block production and announced that monitoring of the chain for further difficulties would continue.
Yet, even as the inner workings of the Eth Layer 2 network were swiftly brought back to full functioning, this unexpected hiccup may lead some to consider more deeply the reliability of these networks. Matt Willemsen, head of research at Collective Shift, notably pointed out that Ethereum’s Layer 2 networks aren’t as “battle-tested” as Ethereum’s mainnet.
Considering this perspective, potential users must remain conscious of the risks associated with these newer platforms. While these systems may offer advantages over their predecessors, it’s clear that they might still have issues to iron out, as highlighted in this instance. Without a doubt, with the future looking bright for blockchain technology, these emerging platforms will continue to face challenges and fine-tune their systems. Let’s hope this experience prompts Base and its counterparts, not only to amp up their technical robustness but also deepen the trust vested in them by their users.
Meanwhile, on the other side of the crypto universe, it was announced that US-based Genesis Global Trading (GGT) will discontinue its cryptocurrency spot trading service from mid-September voluntarily “for business reasons” as reported. GGT, an affiliate of the Digital Currency Group (DCG), began its trading in 2013. Interestingly, it was not touched when Genesis Global Capital, the crypto lending arm of the parent company declared bankruptcy early this year.
While expressions like ‘voluntary’ and ‘for business reasons’ leave the door open for much speculation, it seems the intuition of the crypto-sphere could be hinting at the brutal competitive reality of the crypto trading landscape. The ever-evolving crypto markets are indeed challenging even for well-established players. As new platforms and technologies continue to emerge, it remains critical for companies to adapt to survive.
Source: Cointelegraph
