Leading US cryptocurrency exchange Coinbase is having trouble again on Wednesday – but while other recent cases have been attributed to a surge in crypto trading activity amid Bitcoin’s rise to a new all-time high, this wave of trouble is being blamed on Base, Ethereum’s scaling tool. network that Coinbase itself incubated.
“Due to network congestion on the Base network, transactions on Coinbase Wallet and Coinbase.com may occasionally fail,” Coinbase’s status page reads. “If your transaction is not confirmed by the network, please wait a moment or resubmit your transaction to Coinbase.com. We recommend that Coinbase Wallet customers wait until the congestion is cleared before submitting transactions to the Base Network.”
Declutter reached out to Coinbase representatives for comment but did not immediately receive a response.
Basic transactions have risen dramatically in recent days following last week’s launch of the Ethereum Dencun upgrade, which promised to lower transaction fees on layer 2 scale networks. Indeed, Base – which is based on Optimism’s scaling technology – has seen a dramatic drop in costs, dropping by 90% or more, compared to some other networks.
Public blockchain data compiled by Dune shows a significant jump in transaction volume on Base, rising from a daily average of around 400,000 daily transactions before the Dencun upgrade to a million or more each of the past few days. Base reached a new daily transaction record of 2.12 million on Saturday.
Editor’s note: This story is developing and will be updated with additional details.
