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Funds Are Safe But Celo Network Stalled Again After Briefly Resuming

Blockchain

cryptopotato.com 14 July 2022 19:20, UTC
  
Reading time: ~2 m

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.”


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