The Proof-of-Stake-based Celo blockchain is suffering a continuous blackout, disallowing users from processing deals on the network.
Key Takeaways
- The Celo blockchain has actually been down for more than 13 hours.
- In reporting the network blackout on Twitter, Celo stated that "validators are working to reboot the network."
- Celo hasn't offered any descriptions worrying the possible factors behind the occurrence.
The Celo blockchain has actually been down for more than 13 hours.
Celo Suffers Ongoing Outage
The Celo blockchain has actually been not able to process deals for over 13 hours.
According to on-chain information, the Proof-of-Stake-based blockchain unexpectedly stopped producing blocks at around 23: 20 UTC on Thursday, or more particularly, at a block height of 14,035,019 Celo reported the blackout early today on Twitter, stating that the network's validators are "working to recognize and solve the concern," without describing the factor for the stop.
After about 10 hours of downtime, the network briefly rebooted at around 08: 39 UTC today, just to stop working processing deals about a lots obstructs or approximately 2 minutes later on. Given that the 2nd interruption today, Celo has actually published another upgrade on Twitter, clarifying that validators are still working to bring the network back online. It stated:
" Validators are working to reboot the network. Block production resumed quickly, nevertheless stalled once again. Validators, please sign up with the validators-operators channel on Discord and follow the published guidelines to upgrade your node. As formerly mentioned, all funds are safe and secure."
Launched in May 2020, Celo is a Proof-of-Stake-based blockchain completely suitable with the Ethereum Virtual Machine. It includes an ultralight customer developed for mobile and can process deal charge payments in different tokens and stablecoins besides the native coin CELO. According to DeFi Llama information, Celo has about $129 million in overall worth locked throughout DeFi applications on its network. In contrast, the leading clever contract-enabled blockchain, Ethereum, present hosts about $33 billion worth of possessions.
With the network not able to procedure blocks, the $129 million in crypto properties staked in decentralized applications on the platform are presently locked and not able to be withdrawn to exchanges or other blockchain networks through cross-chain bridges.
Interestingly, the CELO token, which has a market capitalization of around $375 million, has actually not responded adversely to the news of the failure. It is presently altering hands for roughly $0.83 per coin, up by about 0.6% on the day.
Disclosure: At the time of composing, the author of this short article owned ETH and a number of other cryptocurrencies.
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