- Celo network halts its blockchain as its validators solve the problem
- A second halting is seen a few minutes after resuming
- The halt comes after the deployment of Uniswap v3 on the Celo network
The Celo blockchain network encountered a standstill for hours. Though it is not yet clear where the issue lies, the Celo blockchain validators are reportedly resolving any underlying problems.
Celo claimed through a tweet that no funds were endangered and that any upcoming updates would be aired.
Celo blockchain gets a second halting
The proof-of-stake blockchain, Celo, ceased block production at a block height 14,035,019. The halting had been on for over 13 hours.
Though the Celo network restarted at around 08:39 UTC, it was again halted a few minutes later.
The Celo network tweeted again informing the community that validators were still hands-on to ensure they restarted network operations.
The Celo network launched in May 2022 as a proof-of-stake blockchain. The blockchain network factors ultra-light client fit for mobiles. It can execute transactions in different tokens and stablecoins.
DeFi Llama shows the Celo blockchain bears approximately $129 million stakes in DeFi applications. Due to the halt experienced, stakers cannot withdraw the $129 million assets to other crypto exchanges or blockchain networks.
In spite of the distractions caused by the halting in the blockchain network, the Celo token price has not been affected negatively.
Uniswap deployment on the Celo network
Celo network recently installed the Uniswap v3 protocol. The protocol went live before the halting of the network. Even though it is not yet approved, the Uniswap deployment could be linked to the halting.
Many Uniswap and Celo community members are eagerly waiting for the fix-up. Especially because the ReFi (regenerative finance) initiative is anticipated.
Uniswap and Celo announced their collaboration on the ReFi initiative through a press release.
The ReFi initiative is the idea of creating a model that provides solutions to the production of green benefits. The efforts are equal to fighting against the recently experienced climate change.
Uniswap’s recent phishing attack
It is just recently when the Uniswap platform users lost approximately $8 million worth of Ethereum through a phishing attack.
The attackers used Uniswap v3 protocol and duped users into accepting malicious transactions.
Uniswap creator, Hayden Adams, later notified the public through a tweet that the phishing attack had nothing to do with the protocol.
