Ethereum’s main network stopped completing transactions briefly but recovered after 25 minutes. An unidentified problem in Ethereum’s Beacon Chain caused transactions to stop for nearly half an hour on May 11.
Around 20:15 on Thursday, May 11, several Ethereum core developers announced that the Beacon Chain was having trouble committing transactions. New blocks could be proposed, but an unknown issue was preventing them from being finalized.
The Beacon Chain stopped finalizing about thirty minutes ago. I don’t know why yet, but in general the chain is designed to be resilient to this, transactions will continue as usual and finalization will kick in when the problem is resolved.
A similar issue occurred on March 15, when low validator participation rates caused a delay in Goerli’s testnet version of Ethereum’s “Shapella” update, which was successfully executed on April 12.
The Beacon Chain is Ethereum’s original Proof-of-Stake blockchain, first launched in 2020. On September 15, 2022, Ethereum’s pre-existing Proof-of-Work chain was “merged” with the Beacon Chain, finalizing the network’s transition to a Proof-of-Stake consensus mechanism that is faster and more environmentally friendly.
After 25 minutes, the mainnet began finalizing blocks once again, with Ethereum lead developer and Prysmatic Labs co-founder Preston Van Loon announcing that “finality has been restored.”
Finality has been restored. We don’t yet know the root cause, but something happened to make several customer implementations work very hard to keep up with the blockchain.
According to data from Beaconcha.in blockchain analytics provider, Ethereum epochs 200,552 to 200,554 witnessed a sharp and sudden drop in the number of attestations.
For context, an epoch is a period of 32 “slots” in which validators propose and confirm blocks. An epoch typically lasts about 6 minutes and 24 seconds.
Does the PEPE memecoin have anything to do with it?
It has been noted that the high congestion spikes experienced in the previous days were a contributing factor. These episodes of congestion resulted in a significant increase in transaction fees and longer wait times for users.
Some reports have mentioned the PEPE memecoin as a possible influencing factor in this context. This cryptocurrency reached an all-time high on May 5, with a revaluation of more than 1,000% compared to its initial value on DEX.
Despite the setbacks experienced on the Ethereum network, there is one positive aspect to highlight. Validators on the network have benefited from increased commission margins. This has resulted in higher earnings from escrow funds. This increase in margins has led to higher asset burn associated with fees.
As for Ethereum’s price, at Friday’s open it was trading at around $1,794. In addition, it is noted that the 70-period moving average is below the last candle.
Despite the challenges faced, the gains for validators and the constant fluctuation in Ethereum’s price reflect the dynamics and volatility inherent in the world of cryptocurrencies. Investors and network participants continue to closely monitor these developments and adjust their strategies accordingly.
The cause of the problem remains unclear, but Ethereum developers have stated that it is being investigated to prevent a recurrence.
By Marina Meza
