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.
In a status report published on April 8 at 5:30 am UTC, dYdX informed users that the chain was undergoing a planned protocol upgrade, which could potentially disrupt the functionalities of the dYdX Chain. However, following the scheduled maintenance, the chain did not resume block production.
According to the blockchain explorer platform, Nodes Guru, the latest blocks produced by the dYdX mainnet were from the time of the scheduled upgrade, which occurred five hours earlier.
dYdX has confirmed that it encountered an issue and has been actively debugging it since 6:50 am UTC. However, the team stated that the issue is still under investigation and may not be resolved immediately.
The proposed protocol upgrade, which was suggested on February 21, aimed to introduce various advancements such as order book features, risk and safety improvements, and enhancements related to Cosmos.
This recent outage follows a development in dYdX wherein the community approved the staking of 20 million tokens. On April 6, the dYdX community voted in favor of allowing $61 million worth of treasury tokens to be staked on the liquid staking protocol called Stride.
dYdX emphasized that this move was driven by the increased trading activity within the protocol. The platform noted that the rate of DYDX being staked to validators has reached a plateau while deposits to the exchange are growing rapidly.
It is worth mentioning that the dYdX Chain previously experienced a targeted attack in November 2023, resulting in $9 million in losses. In response, the protocol identified the attacker on January 3 and stated its intention to pursue legal action. Additionally, it improved its trading platform to enhance monitoring and alerts.
For more information on related topics, including dYdX founder’s blame on v3 central components for the targeted attack involving the FBI, readers can refer to the provided links.