Celo Grinds to a Halt, Validators “Working to Restart the Network”

Key Takeaways

  • The Celo blockchain has been down for greater than 13 hours.
  • In reporting the community outage on Twitter, Celo mentioned that “validators are working to restart the community.”
  • Celo hasn’t given any explanations in regards to the potential causes behind the incident.

Share this text

The Celo blockchain has been down for greater than 13 hours.

Celo Suffers Ongoing Outage

The Celo blockchain has been unable to course of transactions for over 13 hours.

In accordance with on-chain information, the Proof-of-Stake-based blockchain abruptly stopped producing blocks at round 23:20 UTC on Thursday, or extra particularly, at a block peak of 14,035,019. Celo reported the outage early this morning on Twitter, saying that the community’s validators are “working to determine and resolve the difficulty,” with out explaining the explanation for the halt.

After about ten hours of downtime, the community briefly restarted at round 08:39 UTC this morning, solely to fail processing transactions a couple of dozen blocks or roughly two minutes later. Because the second outage this morning, Celo has posted one other replace on Twitter, clarifying that validators are nonetheless working to convey the community again on-line. It mentioned:

“Validators are working to restart the community. Block manufacturing resumed briefly, nevertheless stalled once more. Validators, please be a part of the validators-operators channel on Discord and comply with the posted directions to replace your node. As beforehand said, all funds are safe.”

Launched in Could 2020, Celo is a Proof-of-Stake-based blockchain absolutely suitable with the Ethereum Digital Machine. It options an ultralight consumer designed for cell and may course of transaction payment funds in numerous tokens and stablecoins moreover the native coin CELO. In accordance with DeFi Llama information, Celo has about $129 million in whole worth locked throughout DeFi purposes on its community. As compared, the main good contract-enabled blockchain, Ethereum, present hosts about $33 billion value of belongings.

With the community unable to course of blocks, the $129 million in crypto belongings staked in decentralized purposes on the platform are at present locked and unable to be withdrawn to exchanges or different blockchain networks via cross-chain bridges.

Curiously, the CELO token, which has a market capitalization of round $375 million, has not reacted negatively to the information of the outage. It’s at present altering arms for roughly $0.83 per coin, up by about 0.6% on the day.

Disclosure: On the time of writing, the creator of this text owned ETH and a number of other different cryptocurrencies.

Share this text

Share:

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings