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 regarding the potential causes behind the incident.
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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 line with on-chain information, the Proof-of-Stake-based blockchain all of a sudden 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 rationale 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 few dozen blocks or roughly two minutes later. For the reason that second outage this morning, Celo has posted one other replace on Twitter, clarifying that validators are nonetheless working to deliver the community again on-line. It said:
“Validators are working to restart the community. Block manufacturing resumed briefly, nonetheless stalled once more. Validators, please be a part of the validators-operators channel on Discord and observe 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 shopper designed for cellular and may course of transaction charge funds in numerous tokens and stablecoins apart from the native coin CELO. In line with DeFi Llama data, Celo has about $129 million in complete worth locked throughout DeFi functions on its community. Compared, the main sensible 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million in crypto belongings staked in decentralized functions on the platform are presently locked and unable to be withdrawn to exchanges or different blockchain networks by way of cross-chain bridges.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 presently altering fingers for roughly $0.83 per coin, up by about 0.6% on the day.
Disclosure: On the time of writing, the writer of this text owned ETH and several other different cryptocurrencies.
