By Shelly Melancon (Switzerland)
Celo is a blockchain that is based on proof-of-stake. It is currently suffering an outage, stopping users from carrying out transactions. It has been down for over thirteen hours at the time of this report.
Validators Being Up and Active
According to reports, the blockchain suddenly seized producing blocks at about 23:20 on Thursday. The operation stopped at a block level of 14,035,019. Celo announced the outage via its Twitter page.
The firm said network validators are already seeking ways to identify and solve the problem. Celo is yet to explain what could have caused the blockchain to stop working. The network worked briefly after 10 hours of the stoppage but it stopped again.
Celo has posted a second update since the second stoppage of the blockchain. The firm made it clear that validators are still working to find a permanent solution. The tweet said validators are up and trying to restart the network.
It said further that blocks were produced for a while but stopped shortly after. It also called on validators to join validators’ Discord channel to update their node. Importantly, Celo announced that all funds on the blockchain are secure.
The Benefits of Celo
Celo was launched in May 2020 as a blockchain that is based on proof-of-stake. It is completely compatible with Ethereum’s virtual machine. It has a light mobile design and it can process transaction payments in different tokens.
DeFi Llama says Celo possesses $129 million in TVL across different DApps on its platform. In comparison, Ethereum has about $33 billion in assets under its watch.
Since the network is currently unable to process transactions, $129 million remain frozen. They are staked in decentralized apps on the network and are not accessible. They can’t be withdrawn to any exchanges or another blockchain via inter-chain bridges.
Importantly, the Celo token has a total market capitalization of $375 million currently. The price has not had a negative reaction to the news of the network outage. The token is presently been sold at about $0.83 for a coin, up by some 0.6%.
Users hope Celo doesn’t join Solana which has had sporadic outages this year. On the contrary, Solana’s price has reacted negatively to the outages at every turn. Its users can only hope it doesn’t happen again.
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