Blast, the Layer 2 network created by Blur founder Tieshun Roquerre, stopped on March 13 after a major ethereum update shipped.
L2 Explosion Protocol disrupted block production following the deployment of Dencun, an ethereum upgrade designed to reduce gas fees on layer 2 solutions. The Blast team did not specify the issues related to Dencun; However, on-chain data showed that the Blast mainnet stopped finalizing transactions for almost an hour.
Major engineering contributors are working to fix it. We will share an update and post-mortem once the fix is available. ETA 30-60 minutes.
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Roquerre, commonly known as Pacman, raised more than $20 million in a funding round led by Paradigm and Standard crypto late last year for the project. Blast was initially a multi-signature address where early supporters could deposit Ether (eth) and accumulate points. Speculation with airdrops also encouraged deposits.
Blast L2 had a total value locked (TVL) of $2.3 billion at its peak according to DefiLlama, but fell below $650 million after withdrawals were enabled earlier this month. At the time of this publication, its TVL has once again surpassed $1 billion.
<img decoding="async" width="1024" height="373" src="https://crypto.news/app/uploads/2024/03/Screenshot-318-1024×373.png” alt=”Burst”/>
The team's latest update said operations were return normal and an analysis was being performed.
This is a developing story.
