Coinbase Is Still Reporting Stellar (XLM) Having 'Degraded Performance'

Cryptocurrency exchange Coinbase reported delays in Stellar (XLM) deposits and withdrawals earlier this week, which continues today. The network status Stellar reads “Degraded Performance.” As of April 8, 02:22 PDT, the exchange said, “We've been working with the Stellar team to fix the delays of deposits and withdrawals.” Coinbase is reportedly also planning to roll out a crypto rewards debit card in the U.S. that will pay back 4% in Stellar lumens (XLM), as per The WSJ. However, it wasn’t just Coinbase that was having issues; many other exchanges like Binance, Bitstamp, and Bitfinex have been dealing with XLM withdrawal issues as well. The issue turned out to be several validators on the Stellar blockchain were disconnected from the network, causing the transaction issues. Stellar Development Foundation (SDF) released an official report on the matter, saying, “both the SDF nodes and the public-access Horizon are now back online.” According to Stellarbeat, which keeps track of the network’s node count, a few nodes are still down. XLM deposits and withdrawals were paused on centralized crypto exchanges “out of an abundance of caution,” and now SDF is in communication with them, reads the announcement. Reporting on the incident, SDF said it was early Tuesday morning that the validator nodes temporarily stopped validating transactions. While the SDF node was experiencing downtime, for reportedly at least 10 hours, the network itself remained online, which it said: “is just the way a decentralized network is intended to work.” Due to sufficient validator redundancy, the network continued to function as normal despite the temporary unavailability of SDF's infrastructure. As for what caused this, the team is still investigating what the root problem was and, so far, has narrowed the trigger down to a single ledger and single operation in that ledger.