Degen

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/degen-chain-faces-prolonged-downtime/" data-wpel-link="internal">Degen Chain Faces Prolonged Downtime</a> 
Ethereum Layer-3 network Degen Chain failed to validate a transaction or produce a new block for over 56 hours, rendering all applications on the network unusable. According to the block explorer, Degen Chain last produced a new block on May 12 at 23:15. 
<h2 class="p1" style="text-align: justify" id="degen-layer-team-responds-quickly">Degen Layer Team Responds Quickly</h2> 
Degen Layer is notable as one of the few Layer-3 ecosystems executing transactions on a Layer-2 network. For settlement, the Ethereum Layer-2 network Base and AnyTrust protocol for <a href="https://newslinker.co/" data-wpel-link="exclude">data</a> availability functions are preferred. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-351574 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/degen.webp" alt="" width="812" height="629"> 
In a May 14 post, the official Degen Chain account stated it was working with its development partner, the aggregation infrastructure platform Conduit, to resolve the downtime. Conduit traced the downtime issue to a specific configuration change that halted block production for both Degen Chain and the gaming network Apex. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-351572" src="https://coin-turk.com/wp-content/uploads/2024/05/degen-tweet.webp" alt="" width="500" height="297"> 
Nodes for Degen Chain are being resynchronized from the genesis block. The Conduit team wrote on X: 
<blockquote> 
 “We are working with both teams and Offchain Labs to restore service and minimize user impact.” 
</blockquote> 
Degen Chain stated that current estimates show the network will resume functionality shortly after resynchronization, currently planned for May 15 at 16:00. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-layer-3-space">What’s Happening in the Layer-3 Space?</h2> 
Originally developed for its own <a href="https://en.coin-turk.com/elon-musk-boosts-meme-coin-pepe-with-a-tweet/" data-wpel-link="internal">memecoin</a> project Degen (DEGEN), Degen Chain also hosts a range of decentralized applications, including DegenSwap, Mint Club, and the Relay bridge service, all of which are currently unusable due to the network downtime. 
According to CoinGecko data, the network’s native DEGEN token dropped 24% from its seven-day peak of $0.02 on May 13 to $0.015. Layer-3 blockchain networks remain a controversial topic in the crypto industry. Polygon CEO Marc Boiron argued last month that Layer-3 networks exist solely to derive value from Ethereum and add value as long as Layer-3 solutions are created. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-351571 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/degen-grafik.webp" alt="" width="970" height="442"> 
Layer-3 advocates like Arbitrum Foundation researcher Patrick McCorry argue that Layer-2 networks act as settlement layers, making transactions cheaper. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/degen-chain-faces-prolonged-downtime/" data-wpel-link="internal">Degen Chain Faces Prolonged Downtime</a></h5>

Degen Chain Faces Prolonged Downtime

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