Blast, the recently launched layer 2 blockchain, froze on Wednesday amid Ethereum’s major Dencun upgrade.
Blast, which is built on top of Ethereum and therefore inextricably linked to it, posted on X that its mainnet “has stopped producing blocks due to issues related to Ethereum’s Dencun upgrade.”
Amid the downside, Blast competitor Arbitrum announced that it will take 24 hours to integrate elements of the Dencun upgrade, ultimately leading to a reduction in Ethereum fees.
The Blast mainnet went live on February 29 after attracting $2.3 billion in deposits following its announcement in November.
The network’s largest protocol, Orbit Finance, saw a 32% increase in total value (TVL) to $431 million over the past 24 hours. The increase failed to deter a decline in the value of Orbit’s native token, which is down more than 20% today after its March 8 issuance.
The Blast Mainnet has stopped producing blocks due to issues with Ethereum’s Dencun upgrade.
Key technical contributors are working on a solution. We’ll share an update and post-mortem once the fix is live (about 30-60 minutes).
— Blast (@Blast_L2) March 13, 2024
