Layer- 1 protocol, Celo Network had initially announced halting at block 14,035,19 on July 14.
According to the tweet by the blockchain payments infrastructure, the validators of the network were working to identify and resolve the issue and asserted that no funds had been compromised.
- Celo block production did resume briefly before stalling again. The downtime does not appear to have affected the blockchain’s native token, CELO, which is slightly in the green on a daily scale.
- In its latest update, Celo Network tweeted,
“Validators are working to restart the network. Block production resumed briefly, however, stalled again. Validators, please join the validators-operators channel on Discord and follow the posted instructions to update your node. As previously stated, all funds are secure.”
- While the team behind Celo hasn’t mentioned that the deployment on Uniswap v3 could be the factor, the sudden downtime occurred shortly after the update took place.
- The Celo Foundation recently announced the launch of Uniswap V3 and green-asset pools after the community approved the deployment of v3 onto the blockchain.
- The main aim is to advance a regenerative financial (ReFi) system and currencies supported by natural capital on Celo.
- An initiative called “DeFi for the People” by the Celo Foundation had pledged a sum of $10 million to support ReFi liquidity. The idea is to develop DeFi products and services promoting regenerative rather than extractive economy and spur adoption of the pools on Uniswap V3.
- In April, Celo launched an incentive program worth $20 million for the new “Connect the World” campaign that seeks to invest in teams and projects looking to develop “high-quality Celo on- and off-ramps around the globe.”