dYdX Launches Investigation into Block Production Pause Following Planned Upgrade
dYdX, a decentralized finance (DeFi) protocol, is currently looking into an unexpected halt in block production that occurred after a scheduled upgrade of its chain on April 8. The protocol has acknowledged the outage on its mainnet and its team of engineers is currently working on fixing the issue.
According to an incident report, the outage has been ongoing since 6:50 a.m. UTC, and it is anticipated that it will take several hours to resolve.
The dYdX chain experienced a major outage following the scheduled protocol upgrade that took place on April 8 at 5:30 a.m. UTC. In a status report issued at that time, dYdX notified users about the upgrade and cautioned them about potential disruptions in the functionalities of the dYdX Chain. Despite completing the scheduled maintenance, block production on the chain did not resume.
As of the latest update, blockchain explorer platform Nodes Guru has reported that no new blocks have been produced on the dYdX mainnet since the scheduled upgrade, which occurred five hours ago.
The investigation is still ongoing, and the team has indicated that it may take some time to find a resolution. To address the issue without risking penalization, dYdX mentioned that it plans to hold a meeting with validators at around 3 p.m. UTC to discuss potential solutions.
This incident marks the first major outage for the protocol since the launch of dYdX version 4 and its standalone Cosmos blockchain on the mainnet back in October, according to the protocol’s status page.
The dYdX Chain has faced setbacks during its planned protocol upgrade, which was initially proposed on February 21. The upgrade aimed to introduce various advancements, such as order book features, risk and safety improvements, and enhancements related to Cosmos integration.
dYdX introduced its dYdX Chain in October 2023, allowing DYDX token holders to transfer funds from the Ethereum network to the new platform, expanding its utility. As of now, data from DefiLlama shows that dYdX has a total value locked on-chain of $509.71 million. Over the past twelve months, the network has generated more than $48.59 million in fees.
In early 2022, the project made the decision to migrate from Ethereum due to concerns about the network’s scalability issues. Despite the current incident, the price of dYdX’s token has not been significantly affected and has actually increased by over 4% in the past 24 hours, according to CoinMarketCap.
On April 6, the dYdX community voted to authorize the staking of $61 million in treasury tokens on the liquid staking protocol called Stride. This move was made in response to the growing trading activity within the protocol, as highlighted by dYdX.
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