Coinbase faces operational failure due to Ethereum L2 network base test network

02/24/2023 01:52 • Metaverse & Beyond • 76 views

On February 24, it was reported that Coinbase broke down a few hours after the launch of the Ethereum L2 network base test network. Twitter user @ 0xfoobar attached a screenshot of Etherscan’s transaction list and said: “The bridge of Base started very hard. Every transaction is recovering, and the bridge contract has not been verified, so no one can figure out what happened.” However, some of the transactions seem to have recovered. Coinbase said that the operational failure of the test network was caused by a problem in the Coinbase wallet, which incorrectly estimated the gas fee required to execute user transactions. Therefore, the gas paid by users is lower than the gas required to execute the transaction, which urges Base to resume these transactions instead of processing them. （CoinDesk）

The presence of the Base test network was not smooth: a failure occurred in the early morning, and the team revised the commitment terms

Interpretation of the news:

The recent news of Coinbase’s operational failure has made headlines after the launch of the Ethereum L2 network base test network. This failure was reported by a Twitter user, @0xfoobar, who attached a screenshot of Etherscan’s transaction list, stating that “the bridge of Base started very hard. Every transaction is recovering, and the bridge contract has not been verified, so no one can figure out what happened.”

This incident highlights the significance of L2 scaling solutions and their integration with the current crypto infrastructure. Coinbase had to face a breakdown a few hours after the launch of L2 due to a problem in their wallet system, which failed to estimate the required gas fee to execute user transactions.

Gas fees play a crucial role in the Ethereum network as they are essential for processing transactions on the blockchain. Coinbase’s wallet system incorrectly estimated the required gas fee, causing users to pay less gas fees for their transactions than the required amount. This led to the transactions not being processed, causing a backlog that caused the L2 network to break down.

However, Coinbase’s response was swift and transparent. They acknowledged the issue and accepted responsibility for their mistake, which allowed Base to resume the transactions. Despite this incident, some of the transactions have not yet recovered, and the bridge contract remains unverified.

The incident shows the potential impact that operational failures of large exchanges can have on the entire crypto market. Coinbase’s reputation as a leading exchange was severely hurt by this incident, highlighting the importance of implementing precautionary measures to prevent such mishaps in the future.

In conclusion, it is clear that L2 scaling solutions are essential for the future growth of the crypto market. However, such solutions require a high level of integration with the current infrastructure, and it is crucial to ensure that all stakeholders are working together to ensure a seamless experience for users. The incident has shown that Coinbase is taking this issue seriously and is taking steps to ensure that similar incidents do not happen in the future.

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