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Coinbase Faces Operational Failure after Launch of Ethereum L2 Network Base Test Network

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On February 24, it was reported that Coinbase broke down a few hours after the launch of the Ethereum L2 network base test network. Twitter user @ 0xfoobar att…

Coinbase Faces Operational Failure after Launch of Ethereum L2 Network Base Test Network

On February 24, it was reported that Coinbase broke down a few hours after the launch of the Ethereum L2 network base test network. Twitter user @ 0xfoobar attached a screenshot of Etherscan’s transaction list and said: “The bridge of Base started very hard. Every transaction is recovering, and the bridge contract has not been verified, so no one can figure out what happened.” However, some of the transactions seem to have recovered. Coinbase said that the operational failure of the test network was caused by a problem in the Coinbase wallet, which incorrectly estimated the gas fee required to execute user transactions. Therefore, the gas paid by users is lower than the gas required to execute the transaction, which urges Base to resume these transactions instead of processing them. （CoinDesk）

The presence of the Base test network was not smooth: a failure occurred in the early morning, and the team revised the commitment terms

Interpretation of the news:


Coinbase, a leading cryptocurrency exchange platform, has faced an operational failure after launching the Ethereum L2 network base test network. On February 24, Coinbase broke down a few hours after the launch of the network, and Twitter user @ 0xfoobar attached a screenshot of Etherscan’s transaction list, which showed that the bridge of the Base Test Network started very hard, with every transaction recovering. However, as the bridge contract was not verified, no one could figure out what had happened.

Meanwhile, some of the transactions seem to have recovered. Coinbase explained that the operational failure of the test network was caused by a problem in the Coinbase wallet that incorrectly estimated the gas fee required to execute user transactions. Therefore, the gas paid by users was lower than the gas required to execute the transaction, which urges Base to resume these transactions instead of processing them.

The breakdown of Coinbase has implications for the entire cryptocurrency ecosystem, as several other platforms also rely on the Ethereum network. The Ethereum L2 network base test network is an important milestone for the cryptocurrency community as it is expected to significantly increase the network’s transaction processing speed and reduce gas fees. However, the failure of Coinbase has put a dent in the network’s reputation and raised concerns among users about its reliability.

This incident highlights the importance of effective testing and verification processes for cryptocurrency platforms, especially when launching new updates and advancements. The Base Test Network was not fully verified, which created uncertainties and challenges for the transactions. Therefore, it is crucial for platforms to ensure thorough testing and verification before launching new features and updates to prevent such operational failures.

In conclusion, Coinbase’s operational failure after launching the Ethereum L2 network base test network highlights the need for robust testing and verification processes for cryptocurrency platforms. The incident has raised concerns among users about the network’s reliability and highlighted the challenges in launching new features and advancements.

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