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A Blast block explorer has indicated that the Blast network experienced a disruption in block production during the Ethereum Dencun upgrade. No blocks have been generated since around 14:05 GMT.
As an experimental layer-2 solution on Ethereum, the Blast network provides a native yield on assets. The layer-2 blockchain team stated that a comprehensive analysis of the issue has been conducted and will be shared soon.
Blast Network Faces Block Production Interruption Due to Ethereum Upgrade
The Blast Mainnet has halted block production due to complications associated with Ethereum’s Dencun upgrade.
Core engineering contributors are currently addressing the issue. An update and post-mortem will be provided once the fix is implemented (estimated time 30-60 minutes).
— Blast (@Blast_L2) March 13, 2024
As per an announcement on X by the Blast project, the interruption in block production is linked to challenges stemming from Ethereum’s Dencun upgrade.
The Dencun upgrade, a major enhancement for the Ethereum network, was rolled out earlier in the day. Data from Blast Scan indicates that block production stopped around 10:00 AM ET following the upgrade.
Upon identifying the problem, the Blast team quickly reacted, with their core engineers diligently working to resolve it. They provided an estimated timeframe of 30 to 60 minutes for the fix. After about an hour, the Blast team reported that operations had resumed normally, and a complete analysis of the incident would be released shortly.
Update: the issue has been resolved.
A comprehensive analysis of the issue will be shared soon. https://t.co/Ggw05W3g3b
— Blast (@Blast_L2) March 13, 2024
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Furthermore, they announced updates to the Blast node repository and offered guidance for users facing transaction issues during the downtime. Instructions for MetaMask and Rabby users were shared, along with information about ongoing efforts to upgrade Blast nodes with Infura and BlockPi.
Blast Network Achieves $2.96 Billion Total Value Locked While Dencun Upgrade Unaffected by Optimism’s Block Production
According to data from L2 Beat, the total value locked in smart contracts on the network, including its Ethereum multi-sig wallet, is approximately $2.96 billion. Various protocols, such as Orbit Protocol, Ring Protocol, and Pac Finance, have been created on the Blast network or expanded to integrate with it.
In the past 24 hours, the largest protocol within the network, Orbit Finance, experienced a significant increase in total value locked (TVL), rising by 32% to reach $431 million. Despite this increase in TVL, the native token of Orbit saw a considerable drop in value, declining by over 20% today. This decrease follows the token’s issuance on March 8.
Blast initially faced criticism for requesting deposits to a multisig wallet prior to its layer 2 going live. Nevertheless, it attracted $2.3 billion in deposits. After its mainnet launch in late February, Blast, a fork of Optimism, surpassed Optimism as the second-largest Ethereum rollup by total value locked (TVL) as of Wednesday morning, according to DeFiLlama. The Blast ecosystem included 51 protocols, collectively securing over $1 billion in assets.
In contrast, Optimism continued its block production activities without being affected by the Dencun upgrade. Blast’s appeal to developers was evident, with over 3,000 projects participating in its developer contest to launch on the Layer-2 mainnet and receive an enhanced airdrop allocation.
Developers pointed to the rollup’s substantial liquidity and the successful history of its founder in establishing the NFT marketplace Blur as key factors influencing their interest in the platform.
Dencun is the most awaited Ethereum hard fork upgrade since the Merge. The network upgrade is anticipated to significantly reduce costs for using layer-2 networks, due to a new capability that allows the network to store information for a limited duration instead of indefinitely.
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