The price of DEGEN has crashed 22% since May 12 amid the downtime.<\/p>\n
Degen Chain, a Layer 3 network running on top of Base, has resumed operations after failing to produce a block for more than 50 hours.<\/p>\n
According to Degen\u00a0Chain’s\u00a0block explorer, the network ceased producing blocks on\u00a0May 12<\/a>\u00a0and remained dormant for two days before\u00a0coming back\u00a0online.<\/p>\n \u201cDegen Chain is up and running again \u2014 thanks for hanging in there,\u201d\u00a0the project\u00a0tweeted<\/a>\u00a0on May 15.\u00a0\u201cWe really appreciate your patience and support.\u201d<\/p>\n Degen\u2019s\u00a0third-party infrastructure provider, Conduit,\u00a0reported<\/a>\u00a0that the downtime\u00a0was caused\u00a0by a configuration change that halted block production. The change resulted in less than five addresses flooding the network with a high volume of failed transactions, triggering the outage.<\/p>\n \u201cThese addresses had tens of millions of failed transactions and were stalling the replay process,\u201d\u00a0Conduit tweeted.\u00a0\u201cTransactions from these addresses can be replayed, but on a delay that does not prevent the network from\u00a0coming back\u00a0online.”<\/p>\n The price of DEGEN is down 22% since May 12, according to CoinGecko.<\/p>\n The lengthy outage came just a few weeks after activity on Degen Chain surged to unprecedented highs amid the third season of its second airdrop campaign.<\/p>\n On April 25, the network ranked as the top Ethereum Layer 2 or Layer 3 network by throughput after\u00a0processing<\/a>\u00a043.4 transactions per second (TPS), according to L2beat. The impressive performance\u00a0even\u00a0surpassed the all-time high of Base \u2014 the Layer 2 network leveraged by Degen Chain for settlement \u2014 which hosted a record high of 37 TPS on April 8.<\/p>\n However, Degen\u00a0Chain\u2019s\u00a0on-chain activity quickly subsided once\u00a0claims<\/a>\u00a0for the latest season of its airdrop campaign went live on April 30.\u00a0DegenChain\u2019s\u00a0throughput crashed 73% roughly a week after its record high, coming in at 11.4 TPS on May 1.<\/p>\n While Degen Chain went live on March 28, the project burst onto the web3 scene as a meme token in early January.<\/p>\n The DEGEN token\u00a0was airdropped\u00a0to users of Farcaster, a popular web3 social network, on Jan. 7. DEGEN then captured headlines in March as a top-performing asset amid a\u00a0memecoin trading resurgence<\/a>\u00a0on Base, with the token posting an all-time high of $0.0568 on April 1 after\u00a0skyrocketing<\/a>\u00a0more than 3,000% in roughly two weeks.<\/p>\nDegen rising<\/h2>\n
Degen Chain<\/h2>\n