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Popular L3 Network Degen Faces Panic as Transactions Halt for 12 Hours

Top Crypto

The Layer 3 (L3) network Degen has sent shockwaves through the crypto community after halting block production for the past 12 hours. Built on the Base network, Degen’s blockchain has failed to generate any new blocks since yesterday, May 12th, at 11:30 PM UTC, raising concerns among investors.

The lack of official communication from the Degen team has further fueled anxiety, leaving users in the dark about the cause of the disruption and the potential timeframe for a resolution. This incident has had a direct impact on the network’s native token, DEGEN, which has experienced a significant drop of over 12% in the face of this uncertainty.

Despite the growing panic, it’s important to note that similar issues have occurred in the past with other networks, such as Solana (SOL). In these cases, the underlying problems were eventually addressed, and the networks resumed normal operations.

According to CoinGecko data, DEGEN has lost 12.8% of its value since the outage began and is currently trading at $0.0183.

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