The Layer 2 Blockchain Explosion Stopped During the Ethereum Dencun Upgrade
2 min read
A Blast block explorer has reported that the Blast network encountered a disruption in block production during the Ethereum Dencun upgrade. No blocks have been produced since approximately 14:05 GMT.
The Blast Network was designed as an experimental Layer 2 solution on Ethereum, offering native yield on assets. The Layer 2 Blockchain team said that a comprehensive analysis has been conducted on the topic and will be published soon.
Blast Network Experiences Block Production Stop Due to Ethereum Upgrade
According to an announcement from the Blast project published on X the block production stop is due to issues arising from Ethereum’s Dencun upgrade.
The Dencun upgrade, a significant update to the Ethereum network, was deployed earlier in the day. According to Blast Scan data, block production stopped around 10:00 a.m. ET following the upgrade.
When the Blast team discovered the issue, they responded immediately and their key engineers actively worked to find a solution. They gave an estimated time frame of 30 to 60 minutes for the fix to be implemented. After about an hour, the Blast team said operations had returned to normal and a full analysis of the incident would be released soon.
Additionally, they announced updates to the Blast node repository and provided guidance for users who experienced transaction issues during the downtime. They shared instructions for MetaMask and Rabby users and mentioned ongoing efforts to update Blast nodes with Infura and BlockPi.
Blast Network collected a total value of $2.96 billion, while Dencun Upgrade remained unfazed by Optimism’s block production activities. Sig Wallet is valued at approximately $2.96 billion. Several protocols such as Orbit Protocol, Ring Protocol, and Pac Finance have been developed on or expanded to integrate with the Blast network.
In the last 24 hours, the largest protocol on the network, Orbit Finance, saw a huge 32% increase in Total Value Locked (TVL) to $431 million. Despite this TVL increase, Orbit’s native token experienced a significant drop in value, plunging by over 20% today. This drop comes after the token was issued on March 8th.Blast came under initial scrutiny for requesting deposits into a multisig wallet before its Layer 2 went live. Despite this, the company collected $2.3 billion in deposits. After launching on mainnet in late February, Blast, a fork of Optimism, surpassed Optimism as the second-largest Ethereum rollup after Total Value Locked (TVL) on Wednesday morning, according to DeFiLlama.
The Blast ecosystem hosted 51 protocols that collectively secured over $1 billion in assets.
In contrast, Optimism continued its block production activities, unaffected by the Dencun upgrade. Blast’s appeal to developers was obvious: over 3,000 projects participated in its developer competition to launch on Layer 2 mainnet and receive improved airdrop allocation. Developers highlighted the rollup’s high liquidity and its founder’s successful track record in building NFT marketplace Blur as key factors in their interest in the platform.
Dencun is the most anticipated Ethereum hard fork upgrade since the merger. The network upgrade is expected to make Layer 2 networks significantly more cost-effective to use, thanks to a new feature that allows the network to store information for a limited period of time rather than indefinitely.
rnrn
