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Blockchain Explosion Crashes During Ethereum Dencun Upgrade
Blast, which is built on top of Ethereum and therefore intrinsically tied to it, published on X that its mainnet “stopped producing blocks due to issues related to Ethereum’s Dencun update.”
Blocks stopped being produced at 14:05 UTC, correlating with the time the Dencun update occurred, according to the Explosive Block Explorer. At 15:09 UTC, Blast announced that the mainnet was back online.
Amid the snafu, Blast Arbitrum’s competitor announced that it will take 24 hours to integrate elements of the Dencun update, which will ultimately lead to a reduction in Ethereum fees.
The network’s largest protocol, Orbit Finance, saw a 32% increase in total value locked (TVL) to $431 million in the past 24 hours. The increase failed to deter a collapse in the value of Orbit’s native token, which is now down more than 20% after being issued on March 8.
CORRECTION (March 13, 2024, 3:01 PM UTC): Corrects spelling of Dencun in title.
UPDATE (March 13, 2024, 3:14 PM UTC): It adds context throughout.
UPDATE (March 13, 2024, 3:32 PM UTC): He adds that Blast is back online.