Summary
Coinbase is experiencing issues due to network congestion on the Base network, causing transactions on Coinbase Wallet and Coinbase.com to fail. The surge in Base transactions is a result of the Ethereum Dencun upgrade, which lowered transaction fees on layer-2 scaling networks. Coinbase advises users to wait for congestion to resolve before resubmitting transactions.
Key Points
1. Coinbase is experiencing issues due to network congestion on the Base network, which is an Ethereum scaling solution incubated by Coinbase itself.
2. Transactions on Coinbase Wallet and Coinbase.com may experience intermittent failures, and users are advised to wait for congestion to resolve before submitting transactions on the Base network.
3. Following the launch of the Ethereum Dencun upgrade, Base transactions have spiked dramatically, with transaction volume reaching record levels, resulting in increased transaction fees and pending transactions for some users.