dYdX Chain Resumes After 9-Hour Outage Due to Upgrade Bug

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Early Monday, there was a major disruption on the dYdX Chain, the blockchain supporting the dYdX perpetual futures exchange, which lasted for over nine hours. The cause of this interruption was a scheduled upgrade to version 4 of the chain. However, the upgrade process ran into an issue, resulting in an unforeseen halt in operations. This problem stemmed from a flawed implementation of a bug fix from the Cosmos IAVL library. Consequently, the network state got corrupted during the upgrade, as confirmed by Dimitar Petkov, the technical project lead for dYdX’s DeFi projects.

In spite of the interruption, the dYdX Chain successfully resumed creating new blocks by noon on Monday after addressing a software glitch. This recovery procedure necessitated collaboration among validators to implement the solution and restart the system. dYdX guaranteed that this correction wouldn’t result in a major shift, maintaining compatibility with earlier iterations of the blockchain. Crucially, the decentralized exchange (DEX) for dYdX’s perpetual futures continued functioning during the downtime, thereby avoiding any interruptions to trading operations.

dYdX Token Rises Amid Chain Halt Outage

Surprisingly, the chain halt didn’t dampen investors’ views on dYdX’s token, as its price rose by 4% right after the outage. The trading volume for dYdX also spiked by 55.65%, amounting to $6.7 million in the past day. This reaction underscores strong investor faith in DYdX’s platform and technology despite operational difficulties.

In the latest update of Version 4 for the Chain, some minor improvements were made to the trading platform and an innovative new function was added. This feature enables the community to vote on punishing misbehaving validators via governance votes. The upgrade gained massive approval from the community, which passed in a near-consensus vote just last week. However, the maintenance plan for this update had warned of possible disruptions, and true enough, an outage occurred on Monday.

Cosmos Technology Powers Advanced Trading Blockchain

Using the Cosmos technology, The Chain was developed as a specialized app chain for the dYdX derivatives trading platform. Since its beta launch in November, this chain has introduced various improvements. One of these additions came in January, allowing users to stake their native dYdX token for liquidity. In March, the chain showcased its dedication to new ideas and user involvement by approving a proposal to place 20 million dYdX tokens from its reserve, worth around $64 million, within the Cosmos staking platform Stride.

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2024-04-08 21:55