dYdX Chain Experiences Block Creation Failure Post-Upgrade Deployment
The blockchain of decentralized exchange dYdX recently faced a chain halt following a new upgrade deployment.
dYdX Chain Experiences Block Creation Failure Post-Upgrade Deployment
The incident occurred at noon on 08/04. On-chain data indicated that the block creation process had been halted, and the dYdX team is currently debugging to identify the cause of the issue.
This is the first major incident for dYdX since deploying version v4 and the first occurrence since launching its own blockchain mainnet in October 2023.
Specifically, dYdX Chain was scheduled to deploy the v4.0.0 upgrade today, expected to complete by 1:30 PM on 08/04. However, just 20 minutes later, the network froze and ceased operations.
In the latest update, the dYdX team announced they are continuing to investigate the issue and will coordinate with Validators to restart the network by 10 PM tonight. The announcement also stated:
"This means that the development team will not propose any fixes until the aforementioned milestone. Therefore, Validators will not be penalized for being offline when the network restarts. When a Validator is penalized, it means that the Validator is temporarily removed from network activities."
The incident appears to have had little impact on the price of the dYdX token. The token maintained a 4% increase within 24 hours, fluctuating around the $3.14 USD mark.
1h chart of the DYDX pair on Binance at 05:15 PM on 08/04/2024
Not long before this, dYdX also approved a proposal to stake 20 million dYdX from the Treasury fund into the liquid staking platform Stride. The proposal is expected to benefit stakeholders by optimizing cash flow and capital resources.
