Gas prices soaring
Arbitrum, the Layer 2 network for the Ethereum cryptocurrency, was locally offline due to a network failure between 22:29 and 23:57 Japan time.
The Arbitrum One sequencer is up and running after a temporary outage starting at 10:29 AM EST and resuming at 11:57 AM EST.
The team is actively investigating, but we can confirm that a sustained surge of inscriptions triggered the sequencer to stop relaying transactions…
— Arbitrum (💙,🧡) (@arbitrum) December 15, 2023
During the network outage, Arbitrum’s sequencer (like a validator) appeared to be down or processing only two transactions per block.
Gas fees also skyrocketed, at one point exceeding $100. Arbitrum’s fees were typically low, around $0.1 to $0.3.
Although the network is currently recovering, fees are still higher than Ethereum mainnet.
NEW: @arbitrum GAS FEES ARE RECOVERING BUT APPEAR TO CONTINUE BEING HIGHER THAN @ethereum‘S – AS @arbitrum ONE SEQUENCER RESUMES RUNNING FOLLOWING AN OUTAGE TRIGGERED BY A “SUSTAINED SURGE OF INSCRIPTIONS” pic.twitter.com/4Uvw37Flq8
— DEGEN NEWS 🗞️ (@DegenerateNews) December 15, 2023
The cause is
As for the cause of the network failure, Arbitrum officials said, “The team is currently investigating, but we can confirm that a sustained spike in inscriptions triggered the sequencer to stop relaying transactions properly.” ing.
Inscription is a movement that started with Bitcoin’s Ordinal protocol, and is a new mechanism that records data such as NFT images and text directly on the blockchain. This has been a concern from some community members, including Coin, Ethereum, and Solana.
In fact, even before the cause of this network outage was officially confirmed, many Twitter(X) users expressed frustration that subscription-related traffic may have brought down Arbitrum, and that the technology was costing extra money. It was pointed out that it did not fulfill any practical function.
connection: Possibility has emerged that Ordinals and BRC-20 tokens will not be able to be issued.
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Such… pic.twitter.com/Y8dikLRBe7— CoinPost (virtual currency media) (@coin_post) November 15, 2023
