Degen Chain Back Online After Two-Day Hiatus

As a crypto investor with experience in the meme coin space, I’ve been closely watching the developments surrounding Degen Chain. I was dismayed when the blockchain went down for over 50 hours, rendering it unusable during a time when meme coins have been gaining significant traction.

As a analyst, I’d put it this way: I’m glad to report that Degen Chain, the Ethereum layer-3 blockchain specialized in meme coins, has been reactivated following a two-day interruption.

Since the 20:15 UTC shutdown on May 12, the chain had ceased to function properly. For more than two days, it proved incapable of verifying transactions or generating fresh blocks.

As an analyst, I would describe the protocol’s dependency on Conduit as follows: I rely heavily on Conduit, a robust rollup infrastructure platform, to underpin the technical foundation and provide essential operational assistance. Specifically, Conduit plays a crucial role in managing our transactions and ensuring data availability.

Through the use of rollups, Degen Chain processes transactions outside of Ethereum’s main network. Subsequently, these transactions are bundled and submitted in larger batches, enhancing processing speed and decreasing costs. With Conduit, Degen Chain operates as a tier-3 blockchain, managing extensive transaction volumes effectively.

On May 14, Degen Chain revealed they were collaborating with Conduit to tackle the network’s downtime issue. Conduit identified the cause as a “specific configuration adjustment” that put a stop to Degen Chain’s block creation process.

This year, Degen Chain made its debut and swiftly reached a trading volume of $100 million, primarily driven by the widespread hype surrounding meme coins.

Based on DefiLlama’s data, the market capitalization of the chain is approximately $198 million, and the total value locked within it is around $2.17 million. The platform’s outage caused DEGEN’s token price to decrease by about 6%, resulting in a value of $0.16 per token.