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Finance

Degen Chain Back Online After Two-Day Hiatus

The layer-3 blockchain for meme coins was offline for over 50 hours.

By Sam Reynolds
AccessTimeIconMay 15, 2024 at 9:47 a.m. UTC
Updated May 15, 2024 at 9:50 a.m. UTC
(Kelly-Sikkema via Unsplash)
(Kelly-Sikkema via Unsplash)
  • Degen Chain, a blockchain dedicated to meme coins, is back online after a two-day hiatus.
  • The problem stemmed from issues with its rollup provider.
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    • Degen Chain, an Ethereum layer-3 blockchain dedicated to meme coins, is back online after a two-day outage.

    The chain had been unusable since it effectively shut down at 20:15 UTC on May 12. For over 50 hours, it failed to validate transactions or produce new blocks.

    The protocol relies on Conduit, a rollup infrastructure platform, for its technical framework and operational support, particularly for managing transactions and data availability.

    Rollups process transactions off-chain, then bundle and submit them to Ethereum, increasing speed and reducing costs. By using Conduit, Degen Chain can function as a layer-3 blockchain, allowing it to handle high transaction volumes.

    On May 14, Degen Chain announced it was working with Conduit to resolve the downtime, which Conduit attributed to a "custom config change" that halted block production for Degen Chain.

    Degen Chain launched earlier this year and quickly hit $100 million in trading volume thanks to the current meme coin craze.

    According to DefiLlama, the chain has a market cap of just under $200 million and a total locked value of $2.17 million. The outage pushed the value of its native token, DEGEN, down by 6% to $0.16.

    Edited by Sheldon Reback.

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