Blast Network Encounters Block Production Disruption During Ethereum Upgrade
A Blast block explorer has reported that the Blast network experienced a disruption in block production during the Ethereum Dencun upgrade. No blocks have been produced since approximately 14:05 GMT.
The Dencun upgrade, a significant update for the Ethereum network, was deployed earlier in the day. According to Blast Scan data, block production ceased around 10:00 AM ET following the upgrade.
The Blast team promptly responded to the issue, with their core engineers actively working to find a solution. They provided an estimated timeframe of 30 to 60 minutes for implementing the fix. After approximately an hour, the Blast team updated that operations had returned to normal, and full analysis of the incident will be published soon.
Blast Networkโs TVL Reaches $2.96 Billion Despite Block Production Halt
As per data from L2 Beat, the total value locked in smart contracts on the Blast network stands at approximately $2.96 billion. Several protocols, such as Orbit Protocol, Ring Protocol, and Pac Finance, have been developed on the Blast network or expanded to integrate with it.
In the last 24 hours, Orbit Finance witnessed a significant increase in total value locked (TVL), rising by 32% to reach $431 million. However, despite this surge in TVL, Orbitโs native token experienced a notable decline in value, plummeting by over 20% today.
Blast faced initial scrutiny for soliciting deposits to a multisig wallet before its layer 2 went live. Nevertheless, it garnered $2.3 billion in deposits. Following its launch on the mainnet in late February, Blast surpassed Optimism as the second-largest Ethereum rollup by TVL.
Optimism, on the other hand, continued its block production activities unaffected by the Dencun upgrade. Blastโs appeal to developers was evident, with over 3,000 projects participating in its developer contest to launch on the Layer-2 mainnet and receive an enhanced airdrop allocation.
Developers highlighted the rollupโs deep liquidity and the successful track record of its founder in building the NFT marketplace Blur as key factors driving their interest in the platform.
Hot Take: Blast Network Overcomes Block Production Disruption
The Blast network encountered a disruption in block production during the Ethereum Dencun upgrade. However, the issue was promptly resolved, and operations returned to normal within an hour. The Blast team is conducting a full analysis of the incident, which will be shared soon.
Despite the block production halt, Blast has achieved a total value locked (TVL) of $2.96 billion. This demonstrates the networkโs popularity and success in attracting protocols and developers. Additionally, Orbit Finance experienced a significant increase in TVL, but its native tokenโs value declined.
Blastโs position as the second-largest Ethereum rollup by TVL highlights its appeal to developers and its potential for further growth. The platform offers deep liquidity and is backed by a founder with a successful track record in the NFT marketplace industry.
In conclusion, while encountering temporary disruptions, Blast continues to make strides in the layer-2 blockchain space and attract attention from both users and developers.
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