The Ethereum network experienced technical issues, causing the network to stop finalizing blocks for over an hour on Friday.
This was the second such incident within 24 hours, raising concerns for users of the second-largest blockchain by market capitalization.
However, the network has resumed finalizing blocks, and clients are releasing updates to address the issue, according to Terence.eth, a pseudonymous Ethereum developer.
Finalized blocks play a crucial role in providing proof-of-work validation, making networks like Ethereum easy to trust and reliable to use.
While Ethereum’s performance issues within the past week could potentially affect its credibility in the eyes of builders, the network has historically been viewed as one of the most stable networks in the market.
However, some services built atop Ethereum, such as leading crypto exchange platform DYdX, had to pause deposits temporarily due to Ethereum’s lack of finality.
Despite the hiccup, Ethereum has become an integral part of the blockchain ecosystem, hosting multi-billion-dollar networks of financial infrastructure and other applications.
There is currently over $27 billion in Total Value Locked (TVL) across the Ethereum network, according to data by DefiLlama.
The network’s native token, ETH, is trading at around $1,800, up by 2.0% over the past day but down by almost 7% over the past week.
Superphiz.eth, an Ethereum Beacon Chain community health consultant, advised validators to increase their hardware specs if possible, switch to a minority client, and apply patches when available. He also added that the chain keeps going and eventually finalizes, encouraging users not to worry too much.