The Arbitrum network temporarily stopped processing on Wednesday due to a software bug.
ARB has lost more than 4% of its value in the last 24 hours.
The team deployed a fix and the network is now processing again.
Arbitrum Network Temporarily Stopped Processing
Arbitrum, the Ethereum Layer-2 network, temporarily experienced a network failure for several hours on Wednesday.
The network failure was caused by a bug in the sequencer and a resulting transaction backlog that stressed the network. The Arbitrum team has since then deployed a fix, and the network is processing again.
Earlier today, there was a disruption in the Sequencer’s batch poster that caused batches not to be posted.— Arbitrum Developers (💙,🧡) (@ArbitrumDevs) June 7, 2023
We'll be publishing a full post-mortem later today, but let’s take this chance to look at the high-level overview.
The team explained that there was a bug in Arbitrum’s sequencer, responsible for taking user transactions, creating a batch of the transaction, and posting it on-chain.
The bug created network stress caused by the large backlog of transactions that hadn’t been posted on-chain, the team’s community lead explained.
Arbitrum deployed a fix afterward, and the network is now operating as it should. ARB, the native coin of the Arbitrum network, has lost more than 4% of its value in the last 24 hours. At press time, ARB is trading at $1.12 per coin.