Layer-2 Blockchain Blast Network Faces Disruption During Ethereum Dencun Upgrade
The Blast network, an experimental layer-2 solution on Ethereum, recently encountered a block production disruption during the Ethereum Dencun upgrade. Since approximately 14:05 GMT, no blocks have been produced.
The Blast project announced that the halt in block production is directly related to issues caused by the Ethereum Dencun upgrade. This significant upgrade for the Ethereum network was deployed earlier in the day, and block production on the Blast network came to a stop around 10:00 AM ET following the upgrade.
The Blast team immediately responded to the issue, with their core engineers actively working to find a solution. They estimated that it would take 30 to 60 minutes to implement the fix. After approximately an hour, the Blast team announced that operations had returned to normal and that a full analysis of the incident would be published soon.
Furthermore, the Blast project provided updates to the Blast node repository and offered guidance to users experiencing transaction issues during the downtime. They shared instructions for MetaMask and Rabby users and mentioned ongoing efforts to upgrade Blast nodes with Infura and BlockPi.
While the Blast network faced a disruption, the Ethereum Dencun upgrade proceeded smoothly. The Blast network has gathered a total value locked (TVL) of approximately $2.96 billion in smart contracts, including its Ethereum multi-sig wallet. Various protocols, such as Orbit Protocol, Ring Protocol, and Pac Finance, have been developed on or integrated with the Blast network.
In the last 24 hours, Orbit Finance, the largest protocol within the network, experienced a significant increase in TVL, rising by 32% to reach $431 million. However, the native token of Orbit saw a notable decline in value, dropping by over 20% today.
Despite initial scrutiny, the Blast network managed to attract $2.3 billion in deposits before its layer 2 went live. After its launch on the mainnet in late February, Blast surpassed Optimism as the second-largest Ethereum rollup in terms of TVL. The Blast ecosystem currently hosts 51 protocols and secures over $1 billion in assets.
In contrast, Optimism was unaffected by the Dencun upgrade and continued its block production activities. The appeal of the Blast network to developers was evident, with over 3,000 projects participating in its developer contest to launch on the Layer-2 mainnet and receive enhanced airdrop allocation.
Developers were drawn to the Blast network due to its deep liquidity and the successful track record of its founder in building the NFT marketplace Blur.
The Dencun upgrade is highly anticipated as it is expected to make it more cost-effective to use layer-2 networks. This is made possible by a new ability that allows the network to store information for a limited time instead of indefinitely.
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