Degen Chain, the blockchain project built for the popular DEGEN meme token, has hit a snag. The network, known for its quirky appeal and focus on decentralized finance (DeFi), experienced a prolonged outage over the weekend. It left altcoin users and investors scratching their heads.
Altcoin project experiences outage
The DeFi world was shaken by the unexpected halt of Degen Chain. This popular Layer 3 blockchain built on meme token DEGEN has been unable to produce new blocks for over 11 hours, halting all transactions on the network. This sudden glitch left users and investors confused, with the team behind Degen Chain unable to explain why.
For more than 12 hours, the blockchain was frozen in time. Verification of transactions has stopped, effectively halting network activity. This congestion has brought services such as DegenSwap, a decentralized exchange, and Relay Bridge, a vital link to other blockchains, to a halt. With these important tools out of service, Degen Chain users were unable to trade, swap tokens, or interact with the DeFi ecosystem they trusted.
What are the reasons behind the outage?
While the cause of the outage remains a mystery, speculations are running rampant. While some whisper that there is a technical glitch in Degen Chain’s infrastructure, others point to Conduit, the aggregation platform Degen Chain uses. The network’s developers are working with Conduit to diagnose the problem and restore functionality, but the information outage has the community concerned.
This incident casts a shadow over Degen Chain’s perceived durability. Despite its recent success with a growing user base and a vibrant meme-focused ecosystem, the outage exposes potential vulnerabilities. The blockchain world thrives on trust and transparency, and Degen Chain’s communication outage during this critical period has shaken investors’ confidence.
Seamless trading on the Arbitrum network
But a ray of hope emerges from the chaos. The outage appears to be isolated from the Degen Chain itself. The DEGEN token, the lifeblood of the platform, continues to be traded smoothly on the Base layer of the Arbitrum network. This distinction highlights the fundamental strength of the Arbitrum technology stack on which Degen Chain is built.
The Degen Chain saga serves as a cautionary tale. Although innovation and a fun approach attract users, a strong foundation and clear communication are crucial for long-term success. Meanwhile, the price of the DEGEN token remained unchanged despite the outage. According to Coin Market Cap data, DEGEN is changing hands at $ 0.018 with an increase of 1.92 percent. You can see the details of the price in the chart below:
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