Ethereum Scaling Network Arbitrum Experiences Partial Outage
The Ethereum scaling network Arbitrum faced a “partial outage” that halted activity on the Arbitrum One blockchain for the first time since June. Offchain Labs, the developer of Arbitrum, stated that the network came to a standstill due to a significant surge in network traffic. The company is currently investigating the issue, which lasted for over an hour. Users and services relying on Arbitrum reported an inability to process transactions during the outage.
Arbiscan initially attributed the network failure to a surge in activities related to inscriptions but later adjusted its statement based on Arbitrum’s official announcement. Inscriptions are detailed images or media carved into cryptocurrency denominations and have gained traction on networks supporting NFTs. However, some users find them costly and impractical. In recent weeks, inscription transactions accounted for 30% of all traffic on Arbitrum One.
Arbitrum Restores Functionality with Partially Degraded Performance
As of now, Arbitrum has restored some functionality, and Arbiscan is recording real-time transactions again. However, the network is experiencing partially degraded performance, resulting in high transaction fees. Offchain Labs has acknowledged the technical issue but has yet to publicly identify its cause.
Hot Take: Inscriptions’ Impact on Blockchain Networks
The rise of inscriptions as a form of digital art on blockchain networks has sparked debate about their value and practicality. While they have found success on networks without NFT support, their energy-intensive nature and high costs have drawn criticism when applied to networks already capable of handling NFTs. The recent surge in inscription-related traffic raises concerns about its impact on network stability and functionality. As blockchain technology continues to evolve, striking a balance between innovation and practicality will be crucial for the sustainable growth of these networks.
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