ETH’s Dencun Upgrade Experiences Technical Issues on Blast Network
The Blast network, an experimental Layer 2 network built on top of Ethereum, recently encountered technical issues with ETH’s Dencun upgrade. The project’s core engineering contributors are actively working on a fix and plan to provide an update and post-mortem once the issue is resolved.
Blast network is known for offering native yield on assets and has a total value locked in smart contracts of approximately $2.96 billion. Several protocols, including Orbit Protocol, Ring Protocol, and Pac Finance, have been developed on or expanded to the Blast network.
Blast Network’s Technical Hiccup
The Blast network, which operates as a Layer 2 solution on the Ethereum blockchain, experienced technical difficulties during the implementation of ETH’s Dencun upgrade. This upgrade aims to improve the functionality and performance of Ethereum by introducing various enhancements.
However, the Blast network encountered issues during the upgrade process. The project’s core engineering contributors are actively working to resolve these problems and expect to provide an update within the next 30-60 minutes.
Blast Network: An Overview
The Blast network is an experimental Layer 2 network that offers native yield on assets. It is built on top of the Ethereum blockchain and aims to address scalability challenges faced by Ethereum. By leveraging Layer 2 solutions, Blast enables faster transactions and reduced fees compared to conducting transactions directly on the Ethereum mainnet.
Leveraging the power of Layer 2 technology, the Blast network has attracted significant attention from developers and users alike. A range of protocols have been built on or expanded to the Blast network, including Orbit Protocol, Ring Protocol, and Pac Finance.
Total Value Locked in Smart Contracts
The total value locked (TVL) in smart contracts on the Blast network is approximately $2.96 billion, according to L2 Beat. This TVL represents the amount of cryptocurrency held within smart contracts on the network, which serves as collateral or liquidity for various decentralized applications (dApps) and protocols.
The high TVL on the Blast network indicates the growing popularity and trust in the platform among users and developers. It showcases the potential for Layer 2 solutions to address scalability concerns and provide efficient and cost-effective transactions on the Ethereum blockchain.
Impact on Protocols
Several protocols have chosen to build on or expand to the Blast network due to its scalability benefits and native yield offerings. Some notable examples include:
- Orbit Protocol: Orbit Protocol is a decentralized stablecoin protocol that aims to provide a stable and scalable solution for decentralized finance (DeFi) applications. By leveraging the Blast network, Orbit Protocol can offer faster transactions and reduced fees for its users.
- Ring Protocol: Ring Protocol is a decentralized options trading platform that enables users to create, trade, and settle options contracts. By operating on the Blast network, Ring Protocol can ensure fast and cost-effective options trading for its users.
- Pac Finance: Pac Finance is a decentralized lending platform that allows users to borrow and lend various cryptocurrencies. By utilizing the Blast network’s Layer 2 technology, Pac Finance can provide efficient lending services with lower transaction costs.
Hot Take: Technical Challenges Highlight Need for Robust Testing
The technical issues faced by the Blast network during ETH’s Dencun upgrade emphasize the importance of thorough testing and preparation when implementing upgrades or changes in blockchain networks. While upgrades aim to improve the functionality and performance of a blockchain, they can also introduce unexpected challenges and vulnerabilities.
To ensure a smooth transition and minimize disruptions, it is crucial for developers and core contributors to conduct comprehensive testing and simulations before deploying upgrades. This helps identify potential issues and allows for timely fixes or adjustments.
While the Blast network’s technical hiccup may cause temporary inconvenience, it serves as a valuable lesson for the broader blockchain community. By learning from these experiences, developers can enhance the robustness and reliability of blockchain networks, ultimately benefiting users and the overall ecosystem.
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