Coinbase, leading cryptocurrency exchanges in the United States, is facing another wave of issues as L2 Base network congestion causes its wallet to be stuck.
Previous incidents were attributed to high trading activity on the crypto exchange during Bitcoin’s surge to a new all-time high.
However, this time it is related to Base, the Ethereum layer-2 network that Coinbase launched.
According to Coinbase, the Base network’s congestion is causing intermittent failures in transactions on Coinbase Wallet and Coinbase.com.
Users are advised to wait for network confirmation or resubmit their transactions once the congestion subsides.
Due to high network traffic on Base, some user transactions may be stuck in a “pending” state currently.
We are updating our transaction cancellation feature to better support fee spikes now and will provide an update once available. https://t.co/M6NMWVs0pu
— Coinbase Wallet 🛡️ (@CoinbaseWallet) March 20, 2024
Coinbase Wallet customers are specifically urged to wait until the congestion is resolved before making transactions on the Base network.
In a post on X in response to the situation, Coinbase Wallet explained that the surge in network traffic on the Base network has led to some transactions “stuck” in a pending state.
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Coinbase recommends that users with pending transactions cancel them and resubmit with the latest estimated gas fee.
If cancellation is not possible, the transactions will process once the network congestion reduces.
Coinbase Wallet’s team is actively working on implementing a transaction cancellation feature and will provide updates when available.
Blockchain data from Dune shows a notable surge in transaction volume on Base, with daily transactions increasing from an average of around 400,000 to over a million in recent days.
On Saturday, Base set a new record of 2.12 million daily transactions.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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