The Ethereum network has experienced two performance issues in the past 24 hours, causing blocks not to be finalized, but the network has since recovered.
Pseudonymous Ethereum developer Terence.eth announced on Friday that clients are releasing updates to address the issue.
Finalized blocks are crucial for providing proof-of-work validation, making Ethereum a trusted and reliable network. Despite the technical hiccup, Ethereum has resumed finalizing blocks and is operating effectively.
However, Ethereum’s reliability is at stake as these performance issues could damage the network’s credibility in the eyes of builders.
Ethereum has historically been viewed as one of the most stable networks, but its recent performance issues could deter users and capital. Leading crypto exchange platform DYdX had to temporarily pause deposits due to Ethereum’s lack of finality.
Superphiz.eth, an Ethereum Beacon Chain community health consultant, advises validators to increase their hardware specs, switch to a minority client, and apply patches when available.
Ethereum has become an integral part of the blockchain ecosystem, hosting multi-billion-dollar networks of financial infrastructure and other applications.
Currently, there is over $27 billion in Total Value Locked (TVL) across the Ethereum network, with liquid staking platform Lido Finance accounting for the bulk majority of that figure.
Ethereum’s native token ETH is trading at around $1,800, up by 2.0% over the past day. However, the token is down by almost 7% over the past week.
