Journalist
Posted:
- Base experienced a network outage on September 5 that lasted well over an hour.
- The TVL seemed to drop because of the experienced downtime.
On September 5, Base made a public announcement acknowledging a network outage that resulted in block production delays. According to their statement, this downtime was mainly attributed to the need to refresh their internal infrastructure.
Earlier today, we had a slowdown in block production, in part because our internal infrastructure needed to be refreshed.
The problem has been identified and fixed. There are no funds at risk.
To stay informed, check https://t.co/ipa94DPBLq
— Base
(@BuildOnBase) September 5, 2023
Importantly, they assured customers that no money was at risk during this incident.
During the outage on September 5, the network was down for more than an hour. In addition, the health checker indicated that five network components experienced major failures, while one component had a partial failure.
However, at the time of writing, the status reflected 100% uptime, indicating that all of these issues have been successfully resolved.
A broader look at the network’s performance over the past 90 days showed that the mainnet experienced a partial outage on July 30. Furthermore, on 29 and 30 August, the bridge section was disrupted for 20 and 51 minutes respectively.
Nevertheless, all system components were operating at 100% uptime at the time of writing, indicating that any previous issues have been effectively addressed and resolved.
Source: status.base
Impact on TVL and volume?
Dates from Defillama revealed a small drop in Total Value Locked (TVL) on Base since early September. Nevertheless, it is important to note that the overall trend for TVL was significantly positive over the same period.
It is notable that it has experienced substantial growth, with its value approximately doubling compared to the end of August.
Source: DefiLlama
On September 5, the TVL was about $410 million, but at the time of writing, it had dropped slightly to about $405 million. However, it is worth emphasizing that the trading volume recorded showed no signs of declining.
Specifically, the volume was around $13 million at the time of writing.
State of Base stablecoin market cap after native USDC integration
The integration of the native USD Coin [USDC] stablecoin on Base has had a positive impact on the stablecoin market cap, as evidenced by data on Defillama. The chart showed a significant increase in market capitalization in early September, peaking at over $159 billion.
In contrast, the market cap at the end of August was about $67 billion. This indicated an almost 50% increase in value in September. At the time of writing, the market cap of stablecoins is around $151 billion.