Journalist
Posted:
- Arbitrum paused transactions for several hours.
- The number of transactions on the network reached almost 7 million for the first time in history.
In a recent update from Arbitrum [ARB], it was reported that part of the network was delayed on December 15. Upon examining the network, it was determined that, amid the network problem, a key metric had reached its all-time high.
Arbitrum sees disruption of transactions
On December 15, a post from Arbitrum indicated a hiatus in the network’s One Sequencer. The reported cause of the pause was an increase in network traffic, leading to higher gas rates.
Further analysis of the Arbitrum status showed that this incident marked the first network downtime in the past 90 days. In particular, the ARB Batch Poster, Sequencer and Feed components experienced downtime on that date.
A subsequent after confirmed the resolution of the problem and as of the last update the network was fully working. Additionally, the network successfully identified inscriptions as the root cause of the downtime.
Inscriptions overwhelm Arbitrum
According to Arbitrum, the sudden increase in the number of inscriptions was the cause of the Sequencer’s inability to properly relay transactions.
Also an analysis of Hildobby on Dune, signups were found to account for 90% of transactions on the network. This was before the network stopped functioning.
Additional data also showed an upward trend in registrations prior to the networking break.
Furthermore, the data highlighted a specific inscription “Honestly” as the main contributor to the network break. It registered more than 2.9 million registrations 24 hours before the network went down.
At the time of writing, the total number of scholarship registrations exceeded 7 million. This increase in registrations occurred at the same time as a notable increase in the total number of transactions on the network.
Arbitrum establishes transaction record
A study of arbitrage transactions via DefiLlama showed a significant increase. The graph shows that the network registered more than 6.9 million transactions on December 15. The observed number of transactions was the highest transaction volume since its inception.
Further analysis also revealed the stress test imposed on the network by registrations. This confirmed the report that was showing about the status.
The data showed the impact of enrollments on the overall performance of the network.
Source: DefiLlama
How much are 1,10,100 ARBs worth today?
ARB records the highest value drop of the month
Arbitrum’s daily analysis showed the biggest drop of the month on December 15. The chart showed a decline of more than 7%, marking the third consecutive day of declines.
While the broader market has been in a downturn, the recent lull in the network may have contributed to ARB’s notable decline. ARB was trading slightly up less than 1% at the time of writing, around $1.11.
Source: TradingView