The Arbitrum (ARB) network, a layer 2 of Ethereum, faced a partial outage recently due to a notable increase in network activity.
At 10:29 AM ET, the sequencer Arbitrum One abruptly stopped, as confirmed by the official Arbitrum account in a statement.
The Arbitrum One Sequencer stalled at 10:29 AM ET during a significant surge in network traffic.
We are working to resolve as quickly as possible and will provide a post-mortem as soon as possible.
More details here: https://t.co/NBlzFuPFro
— Arbitrum (💙,🧡) (@arbitrum) December 15, 2023
This outage resulted in a 4.4% drop in the value of the ARB token, which stands at $1.13 at the time of writing.
At one point in history, it reached its high of $11.80 on March 23, 2023, about 9 months ago, but since then has experienced a significant drop of 90.43%.
On the other hand, its historical minimum was $0.7453 on September 11, 2023, about 3 months ago, which represents an increase of 51.47% from that minimum point.
These variations show the volatility that the ARB token has faced in the market in a short period of time.
Arbitrum’s official statement stated that they are working hard to resolve the issue as soon as possible and plan to release a detailed report (post-mortem) to clarify what happened.
Despite the lack of clear confirmation on the specific cause of the outage, some cryptocurrency users have speculated about a possible relationship with ‘inscriptions’.
These ‘inscriptions’ They are a transaction standard with similar characteristics to NFTs
Martin Koppelmann, co-founder of Gnosis, suggested that stress tests on various blockchains could have contributed to the fall of the Arbitrum sequencer.
He noted that this type of evidence is “certainly entertaining to observe” and that, apparently, they had managed to stop Arbitrum’s sequencer.
The ‘inscriptions’ have been the subject of heated debate in the Web3 space due to their adoption on various blockchains such as Avalanche, BNB Chain, Dogecoin and Near Protocol, generating an increase in activity and experimentation with this token standard.
For more details on this outage in Arbitrum, a detailed report is expected from the development team.
Crypto users and enthusiasts look forward to better understand the events that led to this disruption and if the ‘inscriptions’ played a crucial role in this incident on the Arbitrum network.
