There has been a serious problem on the Ethereum network for the last 2 days. The problem repeated 2 times on Thursday and Friday. While the problem on Thursday was solved within 45 minutes, the same problem on Friday continued for almost 1 hour. So is this problem a serious problem for the future of Ethereum? Do investors need to worry?
Ethereum Network Problem
The Ethereum network suffered another technical issue on Friday that prevented transaction disruption from taking place for about an hour. The problem recurred less than 24 hours after the previous day’s outage. This raised concerns about Ethereum stability.
As on Thursday, data sources on Ethereum network activity indicate that the problem is being experienced by validators that propose attestations when performing network transactions. According to data provider Beaconcha.in, Ethereum epochs between 200,750 and 200,758 saw a significant decrease in the number of confirmations received. On-chain expert Steven Zheng said;
“Ethereum’s Beacon Network stopped finalizing transactions for about an hour. At the moment, the reason behind the halts is unclear, but some people think it may be due to some bugs in staking clients or MEV infrastructures.”
Ethereum Latest Status
At the moment, transactions are being approved without any problems. Zheng mentioned that unconfirmed transactions can be reversed if the problem persists. This will pose a serious problem for Ethereum network security. Preston van Loon, co-founder of Prysmatic Labs, said the problem on Thursday was caused by “several client applications having difficulty keeping up with the network.”
Before the problem reappeared, he said in a statement on Friday;
“We have identified several areas where Prysm can perform better in a scenario like we saw yesterday on the Ethereum mainnet, and we are preparing to release these improvements as quickly as possible in a secure manner”.
He also stated that Ethereum did not crash yesterday and said;
“Despite limited block capacity, blocks were not even close to full. You could trade during periods of struggling to finalize, there was plenty of block space when blocks were generated.”
For now, there seems to be no need to worry as the problem has been resolved and the team is working on it.
