Degen Chain, the Ethereum Layer 3 network specially built for Meme currency DEGEN, was shut down for more than 12 hours

Degen Chain is an Ethereum Layer 3 network specially built for Meme currency DEGEN. When it was launched in March this year, it also focused on providing "lightning-fast transactions". Unexpectedly today (13) However, a malfunction occurred in the early morning of that day. The network stopped producing blocks and could not process transactions. It was disconnected and down for more than 12 hours.

According to the blockchain browser, Degen Chain stalled at block "#15524774" around 4:15 a.m. and has been unable to verify new transactions for more than 12 hours.

The outage resulted in various decentralized applications and bridges on Degen Chain (including RelayBridge, DegenSwap, MintClub and Frogswap) being completely inoperable, and users of these platforms were unable to perform any transactions. .

Degen Chain is built on Arbitrum Orbit, using the Base network as the settlement layer, AnyTrust as the data availability (DA) layer, and using DEGEN tokens as tokens to pay Gas fees.

Web3 infrastructure provider Syndicate released Degen Chain in late March this year and has accumulated a total locked value (TVL) of US$2.6 million so far.

As for the Meme currency DEGEN, it is an ERC-20 token launched on Base in January this year. It was originally a reward token used to reward the Farcaster community. Later, with the unique reward mechanism and Meme culture, It quickly became a popular Meme currency.

It is worth mentioning that the Degen Chain outage does not seem to have affected the activities of DEGEN tokens on the Base chain. So far, it is still running as usual without interruption.

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