Arbitration ARB
-4.69%
Hildobby, a pseudonymous data researcher at VC firm Dragonfly, said in a after on
“The number of inscriptions per hour on Arbitrum increased in the hours leading up to its cessation,” they wrote, noting that an inscription labeled “fair” had been the inscription that led to the cessation.
Gas prices stabilized
Arbitrum said in a status update On Friday afternoon it was reported that gas prices on the network had stabilized and that all activity was now “back to normal”. It continues to gather more information and will provide a full “post-mortem” in the coming days.
“Today was a tough day. Many lessons have been learned and there is work to be done to ensure Arbitrum can deliver the excellence people rightly expect. Engineering in web3 is hard, but we are all in this together to create a build a better future,” said Offchain Labs co-founder and chief technology officer Harry Kalodner wrote on X.
Ordinals-like tokens have previously caused problems on the Telegram Open Network (TON) blockchain. The blockchain will arrive on December 7 delayed to one transaction per second after users flooded it with inscriptions. Same kind of transactions causes volumes and gas prices rise on Polygon last month.
About the author
Anna is a senior policy reporter and assistant editor at The Block. She has a background in political journalism and has covered Russian civil society for a range of Moscow news media, including the award-winning newspaper Novaya Gazeta. Before joining The Block, Anna spent the past five years at CoinDesk researching cryptocurrency policy and adoption around the world. Anna owns bitcoin and a gift NFT with sentimental value.