Arbitrum Network Faces Major Outage, ARB Token Faces 4% Decline
15 Diciembre 2023 - 7:00PM
NEWSBTC
Arbitrum (ARB), a prominent Ethereum scaling solution, encountered
a significant downtime event on December 15, according to the
network’s status page. The incident prompted an immediate
investigation into the root cause and the deployment of a fix. As
of the time of writing, the Arbitrum One network remained
inaccessible for over 60 minutes due to sequencer and feed issues.
Arbitrum Struggles With Network Downtime The status update from
Arbitrum acknowledged the problem, stating that the Arbitrum One
Sequencer and Feed stalled at 10:29 AM ET amidst a notable surge in
network traffic. Notably, Martin Köppelmann, co-founder of
Gnosis, alleged that the outage experienced within the Arbitrum
network was a result of ordinals. Köppelmann remarked that the
stress testing of various blockchains using ordinals had led to the
disruption, stating, “Ordinals stress testing various blockchains
is certainly entertaining to watch. Now they brought the Arbitrum
sequencer down.” Related Reading: Crypto Analyst Who Predicted
Bitcoin 2023 Bull Run Releases New Target In addition to the
sequencer and feed issues, Arbitrum also encountered a halt in
block production, ceasing to generate new blocks approximately 1.5
hours ago. The impact of this stoppage on the network’s overall
functionality and transaction processing remains a concern for
users and stakeholders. The investigation into the root cause of
the downtime is crucial for understanding the underlying technical
issues and preventing similar disruptions in the future. Users and
industry participants eagerly await the post-mortem analysis from
Arbitrum, which will provide a detailed account of the incident and
the proposed remedial measures. ARB Thrives Despite Market
Volatility Over the past 24 hours, the ARB token experienced a
decline of 4.94%, reflecting short-term market fluctuations.
However, the token has demonstrated relative stability when
considering its performance over longer timeframes. In the last 180
days, ARB has shown a significant growth of 17.76%, indicating a
positive trend for long-term investors. Related Reading: Crypto
Expert Says Cardano Will Rise To $32 As Most Valuable Altcoin In
The Bull Run, Here’s Why According to Token Terminal data, Arbitrum
currently boasts a circulating market capitalization of $1.49
billion, with a fully diluted market capitalization of $11.69
billion. Revenue generated by the project has experienced
significant growth over the past 30 days, with a notable increase
of 68.00%. The revenue projection on an annualized basis stands at
$85.97 million, highlighting the project’s ability to generate
sustainable income. Moreover, Arbitrum has witnessed a rise in
active users, with a daily average of 166.37 thousand participants
over the past 30 days. This growth in user adoption suggests
increasing interest and utilization of the Layer 2 scaling
solution. Featured image from Shutterstock, chart from
TradingView.com
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