Coinbase faces operational failure after launch of Ethereum L2 network base test network

02/24/2023 01:52 • Blockchain Briefs • 93 views

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

Analysis based on this information:

Coinbase, the largest cryptocurrency exchange in the United States, faced an operational failure after the launch of the Ethereum L2 network base test network on February 24. The failure was reported by a Twitter user, @0xfoobar, who attached a screenshot of Etherscan’s transaction list and said that every transaction was recovering and the bridge contract had not been verified. Coinbase confirmed the failure and said that it was caused by a problem in the Coinbase wallet, which incorrectly estimated the gas fee required to execute user transactions.

The Ethereum L2 network is a layer-2 scaling solution for Ethereum that aims to increase the network’s transaction processing capabilities by offloading some of the work from the main Ethereum blockchain. The base test network is the initial testing phase of the network, where developers can test the functionality and performance of various components before the network is launched for public use.

According to Coinbase, the operational failure was caused by the Coinbase wallet incorrectly estimating the gas fee required to execute user transactions. Gas is the fee that users pay to have their transactions processed on the Ethereum blockchain. If the gas paid by users is lower than the gas required to execute the transaction, the transaction may fail or be delayed, as was the case with Coinbase’s test network.

However, some of the transactions on the network seem to have recovered, suggesting that the problem is not widespread. Coinbase said that it was working to fix the problem and would continue to monitor the test network to ensure that it functions properly.

In conclusion, the operational failure faced by Coinbase after the launch of the Ethereum L2 network base test network highlights the importance of thorough testing and analysis before launching any new blockchain-based solution. The incorrect estimation of gas fees is a common problem faced by many blockchain networks and can cause significant delays and even failures in transaction processing. Therefore, it is crucial to have robust testing procedures in place to identify and address such issues before they affect users.

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