dYdX, a decentralized finance (DeFi) protocol, is currently investigating a pause in block production during a scheduled upgrade of its chain. The protocol had informed users in a status report on April 8 that the upgrade was taking place and there might be disruptions to the dYdX Chain. After the maintenance, the chain did not resume block production. The most recent blocks produced by the dYdX mainnet, according to blockchain explorer Nodes Guru, were from five hours prior to the upgrade. dYdX acknowledged the issue and started debugging it at 6:50 UTC, but it is still under investigation and may not be resolved until later. The team decided to reconvene with the validators around 15:00 UTC to address the situation and avoid penalizing them for not being online when the chain restarts.
The proposed protocol upgrade, suggested on February 21, aimed to introduce features such as order book functionalities, risk and safety improvements, and enhancements related to Cosmos. This recent interruption in block production follows the community’s approval of staking 20 million tokens. On April 6, the dYdX community voted in favor of staking $61 million worth of treasury tokens on a liquid staking protocol called Stride. The decision was driven by the increased trading activity within the protocol. dYdX noted that while the rate of DYDX being staked to validators had plateaued, deposits to the exchange were growing rapidly.
It is worth mentioning that dYdX suffered a targeted attack in November 2023 which resulted in the loss of $9 million. The protocol has already identified the attacker and is considering taking legal action. Measures have been implemented to enhance the monitoring and alert systems of the trading platform.
DYdX is currently examining the pause in block production during a scheduled upgrade of its chain. Although the issue is still being investigated and not yet resolved, the team aims to address it by reconvening with the validators. The proposed protocol upgrade included several advancements, and the recent interruption follows the community’s decision to stake a significant number of tokens. DYdX experienced a targeted attack in the past, but measures have been taken to improve the platform’s security measures.
I’m starting to question the competence of dYdX’s team. How can they not anticipate these issues during a scheduled upgrade?
This pause in block production is really affecting my trading activities on dYdX. Not happy with the disruptions at all.
The pause might be frustrating, but I appreciate DYdX’s dedication to resolving the issue before moving forward. 🙏