THELOGICALINDIAN - The ProofofStakebased Celo blockchain is adversity an advancing abeyance barring users from processing affairs on the network
The Celo blockchain has been bottomward for added than 13 hours.
Celo Suffers Ongoing Outage
The Celo blockchain has been clumsy to action affairs for over 13 hours.
According to on-chain data, the Proof-of-Stake-based blockchain aback chock-full bearing blocks at about 23:20 UTC on Thursday, or added specifically, at a block acme of 14,035,019. Celo reported the abeyance aboriginal this morning on Twitter, adage that the network’s validators are “working to analyze and boldness the issue,” after answer the acumen for the halt.
After about ten hours of downtime, the network briefly restarted at about 08:39 UTC this morning, alone to abort processing affairs about a dozen blocks or almost two account later. Since the additional abeyance this morning, Celo has acquaint addition amend on Twitter, allegorical that validators are still alive to accompany the arrangement aback online. It said:
“Validators are alive to restart the network. Block assembly resumed briefly, about adjourned again. Validators, amuse accompany the validators-operators approach on Discord and chase the acquaint instructions to amend your node. As ahead stated, all funds are secure.”
Launched in May 2020, Celo is a Proof-of-Stake-based blockchain absolutely accordant with the Ethereum Virtual Machine. It appearance an ultralight applicant advised for adaptable and can action transaction fee payments in assorted tokens and stablecoins besides the built-in bread CELO. According to DeFi Llama data, Celo has about $129 actor in absolute amount bound beyond DeFi applications on its network. In comparison, the arch acute contract-enabled blockchain, Ethereum, accepted hosts about $33 billion account of assets.
With the arrangement clumsy to action blocks, the $129 actor in crypto assets staked in decentralized applications on the belvedere are currently bound and clumsy to be aloof to exchanges or added blockchain networks through cross-chain bridges.
Interestingly, the CELO token, which has a bazaar assets of about $375 million, has not reacted abnormally to the account of the outage. It is currently alteration easily for about $0.83 per coin, up by about 0.6% on the day.
Disclosure: At the time of writing, the columnist of this commodity endemic ETH and several added cryptocurrencies.
