Arbitrum (ARB), a prominent Ethereum scaling solution, encountered a significant downtime event on December 15, according to the network’s status page.
The incident prompted an immediate investigation into the root cause and the deployment of a fix.
As of the time of writing, the Arbitrum One network remained inaccessible for over 60 minutes due to sequencer and feed issues.
Arbitrum Struggles With Network Downtime
The status update from Arbitrum acknowledged the problem, stating that the Arbitrum One Sequencer and Feed stalled at 10:29 AM ET amidst a notable surge in network traffic.
The Arbitrum One Sequencer stalled at 10:29 AM ET during a significant surge in network traffic.
We are working to resolve as quickly as possible and will provide a post-mortem as soon as possible.
More details here: https://t.co/NBlzFuPFro
— Arbitrum (💙,🧡) (@arbitrum) December 15, 2023
Notably, Martin Köppelmann, co-founder of Gnosis, alleged that the outage experienced within the Arbitrum network was a result of ordinals.
Ordinals stress testing various blockchains is certainly entertaining to watch. Now they brought the Arbitrum sequencer down. pic.twitter.com/W5s2vGDIXf
— Martin Köppelmann 🦉💳 (@koeppelmann) December 15, 2023
Köppelmann remarked that the stress testing of various blockchains using ordinals had led to the disruption, stating, “Ordinals stress testing various blockchains is certainly entertaining to watch. Now they brought the Arbitrum sequencer down.”
In addition to the sequencer and feed issues, Arbitrum also encountered a halt in block production, ceasing to generate new blocks approximately 1.5 hours ago.
The impact of this stoppage on the network’s overall functionality and transaction processing remains a concern for users and stakeholders.
The investigation into the root cause of the downtime is crucial for understanding the underlying technical issues and preventing similar disruptions in the future.
Users and industry participants eagerly await the post-mortem analysis from Arbitrum, which will provide a detailed account of the incident and the proposed remedial measures.
ARB Thrives Despite Market Volatility
Over the past 24 hours, the ARB token experienced a decline of 4.94%, reflecting short-term market fluctuations.
However, the token has demonstrated relative stability when considering its performance over longer timeframes.
In the last 180 days, ARB has shown a significant growth of 17.76%, indicating a positive trend for long-term investors.
According to Token Terminal data, Arbitrum currently boasts a circulating market capitalization of $1.49 billion, with a fully diluted market capitalization of $11.69 billion.
Revenue generated by the project has experienced significant growth over the past 30 days, with a notable increase of 68.00%.
The revenue projection on an annualized basis stands at $85.97 million, highlighting the project’s ability to generate sustainable income.
Moreover, Arbitrum has witnessed a rise in active users, with a daily average of 166.37 thousand participants over the past 30 days.
This growth in user adoption suggests increasing interest and utilization of the Layer 2 scaling solution.