dYdX Faces Prolonged Outage Following v4.0.0 Protocol Upgrade

dYdX Chain faces a network outage for the first time since it migrated from Ethereum to Cosmos.

Greek style statue holding up a huge dydx token out of a digital sea.
Created by Gabor Kovacs from DailyCoin
  • The dYdX mainnet is down.
  • The chain faced an outage for the first time since it migrated to Cosmos.
  • The dYdX team has acknowledged the matter.

Perpetuals decentralized exchange (DEX) dYdX announced on Monday it is investigating a major outage on its chain, which happened shortly after the network’s v4.0.0 protocol underwent a scheduled upgrade.

Proposed on February 21, the scheduled upgrade aimed to introduce various advancements, including conditional order improvements, IBC withdrawal rate limiting, and community-enabled slashing.

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While the dYdX team had noted earlier that the upgrade might disrupt some functionalities, the chain halted block production 20 minutes after the scheduled maintenance.

dYdX Halts Block Production

In a status update on April 8, the dYdX team said it was investigating the incident and assured users that “the issue is being debugged.” Three hours later, the team issued another update stating that the issue was still being investigated, implying that it might not be fixed until later.

“The issue continues to be investigated. It's been agreed to reconvene with the validators around 15:00 UTC. This means that the devs won't suggest a workaround or a fix until then so that the validators won't get jailed for not being online when the chain restarts,” the team wrote.

According to on-chain data, the latest blocks generated by the dYdX mainnet were from the scheduled maintenance, which occurred six hours before press time.

While the incident marks the first major outage suffered by the dYdX ecosystem since it migrated from Ethereum to Cosmos, the outage did not affect the project’s token. At press time, DYDX was up 3.06% in the last 24 hours with a circulating market cap of $ 1,449,143,512, CoinMarketCap data shows.  

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In the meantime, the dYdX team has yet to issue another update on the matter.

Read about the recent network outage on zkSync Era:
zkSync Era Hit by Third Outage, Layer 2 Halts for 4 Hours

Stay updated on the massive phishing ad campaign targeting Etherscan users:
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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.