Degen Chain Block Production Halt

Update: As of May 15, 3:25 am EDT, Degen Chain announced that its network is operational again after being down for over 50 hours. Degen Chain, a Layer 3 blockchain on Ethereum designed for the Degen meme token, faced operational downtime, ceasing new block production and affecting related services. According to its block explorer, no transactions were validated for more than 11 hours. The issue arose when the network stalled around 4:15 p.m. ET on Sunday, resulting in the shutdown of several decentralized applications and bridges, including Relay bridge, DegenSwap, Mint Club, and Frogswap. Currently, users of these platforms cannot execute transactions. The Degen Chain team stated they are working on the issue with Conduit, a rollup infrastructure platform, which also reported a significant block reorganization challenge. Degen Chain runs on Arbitrum Orbit, settles primarily on Base, and uses the AnyTrust protocol for data availability. Developed by Syndicate, a Web3 services provider, in March, Degen Chain hosts $2.6 million in total value locked, as noted by DeFiLlama. Instead of ETH, it uses Degen, an ERC-20 token on Base, as its native gas token. Despite network issues, Degen token activities on Base remain unaffected. Note: The Block is an independent media entity. Foresight Ventures, an investor in the crypto space, holds a majority stake in The Block. The Block maintains editorial independence, delivering insightful crypto industry news.