Ethereum layer-2 (L2) scaling solution Arbitrum stopped processing transactions on June 7 because its sequencer faced a bug in the batch poster. The incident only lasted for an hour.
The crypto community and Ethereum devs are discussing the fact that Ethereum L2 scaling solution Arbitrum had to stop processing transactions. It turns out that the network had to pause transaction processing because the sequencer encountered a bug that prevented it from posting batches on-chain.
Ethereum L2 Arbitrum Has to Stop Transactions
Arbitrum stopped processing transactions for about an hour on June 7. It has come to be known that the sequencer — which bundles transactions — faced a bug that prevented it from posting batches on-chain. It was a pretty jarring revelation to some, as it showed that one single bit of the pipeline could halt the network.
The Arbitrum Developers’ Twitter account stated that the Sequencer’s batch poster was responsible for the issue. It was because of the bug in the batch poster that some transactions could not be posted for a while. They emphasized that it was not because there was a lack of funds to pay for gas fees.
Arbitrum’s (ARB) price hasn’t dropped by too much, showing that it was largely unaffected by the incident. The token is down by 4.9% to $1.12, down from $1.18.
Ethereum L2s Showing Resilience
Layer 2 scaling solutions like Arbitrum have been surging in popularity as authorities crack down on the crypto industry. The SEC has sued both Binance and Coinbase, which sent shockwaves throughout the crypto world. These are among the SEC’s biggest targets yet.
Arbitrum is one of the most popular Ethereum Layer 2 scaling solutions. Check out our comprehensive guide to learn more!
During this time, L2 solutions have been surging in price. They have all beaten the rest of the market, with Optimsitim and ImmutableX both seeing price rises between 3% and 6% in the past few days.
Optimism Completes Bedrock Hard Rork
Ethereum scaling solution Arbitrum is far from the only L2 project that has been making headlines. It did recently open a vote for a budget proposal. It focused on transparency reporting with respect to the 7.5% of ARB tokens distributed to the Foundation’s “Administrative Budget Wallet.”
Optimism’s price rise could be because of its mainnet migration to Bedrock, which concluded on June 7. The upgrade reduces deposit-confirmation time from 10 minutes to 1 minute and lowers gas fees by 40%.
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