Leading American crypto exchange Coinbase is having issues again Wednesday—but while other recent instances were blamed on a surge in crypto trading activity amid Bitcoin’s rise to a new all-time high price, this wave of problems is being blamed on Base, the Ethereum scaling network that Coinbase itself incubated.
“Due to network congestion on the Base network, transactions on Coinbase Wallet and Coinbase.com may experience intermittent failures,” Coinbase’s status page reads. “If your transaction is not confirmed by the network, please wait or submit your transaction again on Coinbase.com. We advise that Coinbase Wallet customers wait for congestion to resolve before submitting transactions on the Base network.”
Decrypt reached out to Coinbase representatives for comment, but did not immediately receive a response.
Base transactions have spiked dramatically in recent days following last week’s launch of the Ethereum Dencun upgrade, which promised to cut transaction fees on layer-2 scaling networks. Indeed, Base—which is based on Optimism’s scaling tech—has seen a dramatic decrease in fees, falling by 90% or more alongside some other networks.
Public blockchain data curated by Dune shows a sizable leap on transaction volume on Base, rising from a daily average of about 400,000 daily transactions before the Dencun upgrade to a million or more each of the last several days. Base hit a new daily transaction record of 2.12 million on Saturday.
Editor’s note: This story is developing and will be updated with additional details.
Read the full article here
