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Latest cryptocurrency news > ALTCOIN > Arbitrum Network Overcomes Outage and Restores Full Functionality
ALTCOIN

Arbitrum Network Overcomes Outage and Restores Full Functionality

BH NEWS
Last updated: 16 December 2023 11:52
BH NEWS 2 years ago
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Arbitrum (ARB), in the early hours of the day, came to a halt due to a network outage. Following the outage, Arbitrum announced that all systems were back up and running after a brief network interruption.

Arbitrum, operating on the Ethereum (ETH) Blockchain, reported that a stop in a sequencer caused by an increasing number of Bitcoin Ordinals-inspired writings resulted in a temporary interruption of approximately an hour and a half. It was indicated that all systems are currently operational.

A person working as a data researcher at Dragonfly VC, using the pseudonym Hildobby, commented on the personal X account about the Arbitrum network outage. They noted that 90% of the transactions on the network were related to writings before the outage, stating that the network stoppage was caused by a writing named ‘fair’.

According to the update from Arbitrum, it was emphasized that the transaction fees (gas fee) on the network have been balanced and all transactions have returned to normal. The Arbitrum team continues to gather more information about the network outage and will provide a full analysis in the coming days.

Harry Kalodner, co-founder and Chief Technology Officer of Offchain Labs, the development company behind Arbitrum, said in a statement on his personal X account, “Today was a challenging day. There are many lessons to be learned, and there is a lot of work to be done for Arbitrum to deliver the excellence that people rightly expect. Engineering in Web3 is hard, but we are all here to build a better future,” he said.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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