Arbitrum suspends trading for about an hour, recovers after bug fix

Pause the arbitrum

Arbitrum (ARB), a layer-2 scaling solution for Ethereum (ETH), stopped processing transactions for about an hour in the early hours of the 8th. It is reported that there was a bug in the sequencer code as the cause.

This technical issue has already been resolved, and as of the morning of the 8th, Arbitrum’s network is operating normally. The developer has commented that the fail-safe system (protection function) worked as planned for this incident.

Arbitrum is developing a Layer 2 scaling solution using a technique called Optimistic Rollup. The method uses the security of the Ethereum blockchain while processing some transactions off-chain. By collecting this state data into a single block and submitting it to Layer 1, we aim to eliminate congestion on the main chain.

In that process, a node called a sequencer plays a role in linking data from Arbitrum to Ethereum. Its role is to order and aggregate transactions and send them to Ethereum.

connection:What is Blockchain Layer 2? | Explanation of types, points of interest, and typical networks

Sequencer challenges

According to DLNews, a cryptocurrency media outlet, the cause of Arbitrum’s network outage is that the gas on the sequencer ran out. Based on the data on Explorer, it is interpreted that the balance of the cryptocurrency Ethereum (ETH) held by Sequencer became zero, and the Arbitrum network stopped as a result of being unable to send transactions to Ethereum.

However, Arbitrum developers denied the report, claiming that Sequencer’s ETH balance was properly replenished using a smart contract after the bug was fixed.

There is currently only one Arbitrum sequencer in operation, which is operated by Arbitrum developer Offchain Labs. It has long been pointed out that this system configuration creates a single point of failure.

In March 2011, Arbitrum issued its own token “ARB” and started operation as a decentralized autonomous organization (DAO). Offchain Labs has stated that it plans to decentralize Arbitrum’s sequencer in the future, which is expected to eliminate the single point of failure problem.

According to L2BEAT, which tracks Layer 2 data, Arbitrum’s “Total Value Locked (TVL),” or the total amount of assets deposited in the network, has reached about $5.68 billion (about 800 billion yen) as of Wednesday. . This number is the highest among Ethereum’s Layer 2 solutions and shows how trusted Arbitrum is within the industry.

connection:Arbitrum Airdrops ARB Tokens to DAO

On the other hand, Optimism (OP), which uses the same Optimistic Rollup as Arbitrum, ranks second with TVL of $1.65 billion. Optimism recently received a major upgrade, Bedrock. Overall, the upgrade reduces protocol costs and security fees by about 40%.

connection:Optimism’s major upgrade “Bedrock”, implementation complete

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