‘Halt is not okay’ – All about Base and its consensus problem

ambcryptoPubblicato 2026-06-27Pubblicato ultima volta 2026-06-27

Introduzione

Base, a Coinbase-incubated Ethereum Layer 2 (L2) network, experienced a significant consensus issue for nearly 48 hours, halting deposit and withdrawal functions. The problem began on June 25th when an invalid block was sequenced, leading to "unhealthy" mainnet block production. While withdrawals were partially degraded, deposits faced a "major outage." Base co-founder Jesse Pollak assured users that all funds were safe but emphasized that such a chain halt is unacceptable, vowing to improve the platform's reliability for 24/7 global finance. This disruption occurs as Base aims to expand into tokenized asset lending and borrowing, despite having achieved substantial growth with over $184M in cumulative revenue and $4B in Total Value Locked (TVL). The incident's impact on user confidence remains to be seen.

Base, a Coinbase-incubated Ethereum Layer 2 (L2) chain, has been unable to accept deposits or withdrawals for nearly 48 hours.

On the 25th of June, the L2 said that it ran into a consensus issue that caused an invalid block to be sequenced. The statement was given on 25th June, 17:21 UTC. The problem was isolated and debugged, and the team soon announced that broader recovery was underway.

However, as of 26th June, 10:36 UTC, the issue had not been fully resolved. In fact, the chain’s status indicated that the mainnet block product was “unhealthy.”

Apart from the block production, deposits and withdrawals were also affected for the second day. Notably, withdrawals were only partially degraded, but deposits were facing a “major outage.”

For his part, Jesse Pollak, co-founder of Base, assured users that funds were safe and that they were working on a full post-mortem.

He added that halting the chain to remedy the issue was undesirable and would act as a challenge to do better in the future.

All funds are/were safe. But a halt is not okay, and we’ll use this to continue to level up Base as a platform for global, 24/7 finance. Thank you for your patience.

Base’s bet on tokenization

Separately, Pollak has indicated that Base will allow a DeFi-like borrowing and lending option for tokenized assets once they go live on the chain.

This is part of a broader bet on tokenization as the nascent segment gains traction. Unfortunately, a chain disruption like the recent one is not a good look for such a goal.

That said, Base debuted in H2 2023 and has grown immensely over the past few months. It has done a cumulative revenue of over $184M with a total locked value (TVL) of $4B.

Source: DeFiLlama

Half the locked $4B value is on the DeFi lending platform Morpho Blue. Whether the ongoing outage will dent investor confidence and trigger outflows remains to be seen.

Final Summary

Base chain faced a consensus problem that has partially degraded withdrawals and disabled deposits.
Jesse Pollak, Base co-founder, is betting big on tokenized assets with DeFi-like lending and borrowing options

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Domande pertinenti

QWhat was the main issue that affected the Base chain for nearly 48 hours?

AThe Base chain encountered a consensus problem that caused an invalid block to be sequenced. This led to the chain's mainnet block production being 'unhealthy' and resulted in a partial degradation of withdrawals and a major outage for deposits.

QWhat did Base co-founder Jesse Pollak say about the safety of funds during the outage?

AJesse Pollak assured users that all funds were safe during the outage. He also stated that halting the chain to fix the issue was undesirable and that they would use this experience to improve Base as a platform for global, 24/7 finance.

QAccording to the article, what future functionality for tokenized assets is Base planning?

ABase plans to allow DeFi-like borrowing and lending options for tokenized assets once they are live on the chain. This is part of their broader bet on the tokenization segment.

QWhat are Base's reported cumulative revenue and Total Value Locked (TVL) figures as mentioned in the article?

ABase has done a cumulative revenue of over $184 million and has a Total Value Locked (TVL) of $4 billion.

QWhat potential concern does the article raise regarding the ongoing chain disruption?

AThe article raises the concern that the ongoing chain disruption might dent investor confidence and potentially trigger outflows from the platform, especially given that half of its $4 billion TVL is on the DeFi lending platform Morpho Blue.

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298 Totale visualizzazioniPubblicato il 2025.02.11Aggiornato il 2026.06.02

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