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Celo Network crashes shortly after Uniswap v3 launch

Celo Network crashes shortly after Uniswap v3 launch

Celo Network, the global blockchain payments infrastructure for mobile users, is currently stalled. The blockchain has not processed any new transactions in the past eight hours, according to the information available on the network explorer. This happened shortly after Uniswap v3 was deployed on the network. 

Celo Network stops block production

The Celo team has also confirmed the downtime via Twitter, assuring that users’ funds are safe. The sudden downtime of the Celo network came as a surprise to most of the network users, and some complained it was their first time experiencing such an issue with the blockchain.

image 130
image 130

Per the explorer, the network is currently stalled at block number #14035018. The team noted that the blockchain validators are investigating the issue, and hopefully, the issue will be resolved soon. 

The Celo network has stalled at block 14,035,19. Validators are working to identify and resolve the issue. All funds are safe. Updates will be provided as soon as possible.

Celo Network. 

Did Uniswap crash Celo?

Interestingly, the Celo network got stalled some hours after Uniswap v3 was deployed on the blockchain. 

Uniswap v3 is considered the most powerful version of the leading decentralized exchange yet. This version of Uniswap features “Concentrated Liquidity,” which offers unprecedented capital efficiency for liquidity providers, an advanced infrastructure, and better execution for traders.

The Celo Foundation, the Climate Collective, and two other projects on the Celo network assisted with seeding liquidity for several pairs into Uniswap v3 for Celo users. Many people speculate that the network downtime could be a coincidence or connected with the Uniswap launch. 

At the time of writing, CELO was trading at $0.8336. The incident didn’t cause any noticeable drop in the price of the crypto. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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