- Arbitrum’s Arbitrum One chain is down. The final block on the community was processed at 10:29:22 UTC.
- Arbitrum has confirmed that it’s “experiencing Sequencer downtime.”
- Arbitrum is considered one of many Layer 2 options aiming to assist Ethereum overcome its scalability challenges.
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Arbitrum suffered from related points again in September—however they didn’t take a number of hours to resolve.
Arbitrum One Goes Down
Arbitrum One, Ethereum’s main Layer 2 scaling resolution, is down.
The crew behind the challenge posted a tweet Sunday afternoon confirming that the community was affected by issues. “We’re at present experiencing Sequencer downtime,” the put up learn. “Thanks in your persistence as we work to revive it. All funds within the system are secure, and we’ll put up updates right here.”
We’re at present experiencing Sequencer downtime. Thanks in your persistence as we work to revive it. All funds within the system are secure, and we’ll put up updates right here.
— Arbitrum (@arbitrum) January 9, 2022
Information from Arbiscan and Offchain Labs means that the final block on the challenge’s Arbitrum One chain was 4509808, which was processed at 10:29:22 UTC. Which means it’s been down for over 4 hours at press time.
Arbitrum has suffered related points earlier than, although at the moment’s incident seems to be extra extreme. In September, the Arbitrum One chain suffered another outage, however the issue was resolved inside an hour.
Arbitrum is Ethereum’s most used Layer 2 resolution at the moment, holding over $2.5 billion in complete worth locked. Since launching on mainnet in August 2021, it’s attracted a number of of Ethereum’s high DeFi protocols corresponding to Balancer and Uniswap, with extra anticipated to observe sooner or later.
Arbitrum leverages Optimistic Rollups, which course of transactions at considerably larger speeds and decrease prices than the bottom chain by sending transactions as calldata to Ethereum mainnet. Optimistic Rollups don’t deal with computation by default, however they endure a weak point in that it may possibly take as much as every week to ship funds to mainnet as withdrawals are topic to a problem interval.
Optimistic Rollups are thought of considered one of Ethereum’s two major Layer 2 scaling weapons alongside ZK-Rollups, which use Zero-Information proofs relatively than the fraud proofs utilized in Optimistic Rollups. Ethereum believers are hoping that the emergence of latest Optimistic Rollup and ZK-Rollup will assist the community scale in 2022 because the completion of Ethereum 2.0, when 64 new shard chains can be added, remains to be a way off.
Though Ethereum has seen elevated utilization during the last 12 months due to rising curiosity in NFTs, DeFi, and crypto property at giant, it was tormented by excessive fuel charges all year long as the value of ETH soared. Because of this, newer Layer 1 networks like Solana and Avalanche took heart stage within the latter half of 2021.
2022 is anticipated to be a significant 12 months for Layer 2 adoption. Nonetheless, as at the moment’s outage proves, the Layer 2 ecosystem remains to be very a lot in its infancy—presenting a chance for Ethereum rivals to catch up and take a number of the community’s market share.
This story is creating and can be up to date as additional particulars emerge.
Arbitrum didn’t instantly reply to Crypto Briefing’s request for remark.
Disclosure: On the time of writing, the creator of this characteristic owned ETH and several other different cryptocurrencies. In addition they had publicity to BAL and UNI in a cryptocurrency index.
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