dYdX, a decentralized finance (DeFi) protocol, has announced that it is currently investigating a pause in block production during a scheduled upgrade of its chain.
On April 8 at 5:30 am UTC, dYdX released a status report indicating that the chain was undergoing a planned protocol upgrade and warned that the functionalities of the dYdX Chain might experience disruptions.
However, after the scheduled maintenance, the chain did not resume block production.
As of now, the blockchain explorer platform Nodes Guru reveals that the most recent blocks produced by the dYdX mainnet were from the time of the scheduled upgrade, which occurred five hours ago.
DYdX has also confirmed that the chain faced an issue and stated at 6:50 am UTC that their team is currently debugging it. However, they mentioned that the issue is still under investigation and may not be resolved immediately.
The protocol upgrade was proposed on Feb. 21 and included various advancements such as order book features, risk and safety improvements, and Cosmos-related enhancements.
This outage follows a recent development in dYdX, where the community approved the staking of 20 million tokens. On April 6, the dYdX community voted to allow $61 million in treasury tokens to be staked on the liquid staking protocol called Stride.
DYdX emphasized that this move was in response to the increasing trading activity within the protocol. They noted, “The rate of DYDX being staked to validators has plateaued, and deposits to the exchange are growing at a tremendous pace.”
It is worth mentioning that dYdX Chain had previously experienced a targeted attack in November 2023, resulting in $9 million in losses. On Jan. 3, the protocol announced that it had identified the attacker and was considering legal action. They also improved their trading platform to enhance monitoring and alerts.
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