{"id":74080,"date":"2024-03-21T01:41:23","date_gmt":"2024-03-21T05:41:23","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=74080"},"modified":"2024-03-21T01:42:15","modified_gmt":"2024-03-21T05:42:15","slug":"coinbase-cautions-of-base-network-congestion-high-fee-menace","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/coinbase-cautions-of-base-network-congestion-high-fee-menace\/","title":{"rendered":"Coinbase Cautions of Base Network Congestion,\u00a0High Fee Menace"},"content":{"rendered":"\n

Base Network customers are witnessing a high\u00a0gas hike due to another round of Coinbase congestion <\/a>that caused related outages previously.<\/p>\n\n\n\n

\"Coinbase<\/figure>\n\n\n\n

The Base Network has experienced a surge in transaction fees as a result of an additional Coinbase congestion saga, as stated in a published Status Update.<\/p>\n\n\n\n

Coinbase Congestion Causes High Gas Fees<\/h2>\n\n\n\n

The American cryptocurrency exchange issued a status update\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> notifying its users that the Ethereum-based Layer-2 protocol was experiencing an abrupt increase in network traffic, which resulted in a correspondingly high transaction fee.<\/p>\n\n\n\n

As a result, Coinbase provided clarification that certain user transactions, which were previously submitted with reduced fees, might remain in the “pending” status.<\/p>\n\n\n\n

It is recommended that users who encounter this situation cancel the transaction and resubmit it with the updated transaction gas fee.<\/p>\n\n\n\n

Those whose transactions cannot be canceled will be required to wait until Coinbase congestion subsides before the transaction can be finalized at the initial subsidized rate.<\/p>\n\n\n\n

In addition, the exchange guaranteed the security of its customers' assets.<\/p>\n\n\n\n

Although the Coinbase Wallet team is independently working to implement a “cancel” function for all pending transactions, it has not yet been completed.<\/p>\n\n\n\n

Due to the congestion, the exchange believes that certain Coinbase services, including Coinbase Wallet <\/a>and Coinbase.com, may be impacted; therefore, users are encouraged to exercise patience.<\/p>\n\n\n\n

Given the recent occurrence of several outages within the exchange's ecosystem, this Coinbase congestion may not come as a surprise to a significant number of platform users.<\/p>\n\n\n\n

Coinbase Outages Becoming Too Frequent<\/h2>\n\n\n\n

While the price of Bitcoin (BTC) increased last month, several Coinbase users awoke to account balances of $0.<\/p>\n\n\n\n

It transpired that a disruption wiped out an astounding $100 billion in Bitcoin market cap in less than 15 minutes.<\/p>\n\n\n\n

However, the Coinbase team claimed to have resolved the issue but another outage occurred shortly thereafter.<\/p>\n\n\n\n

Amid the all-time high peak (ATH) of Bitcoin earlier this month, Coinbase encountered a subsequent disruption, the third within two weeks.<\/p>\n\n\n\n

This prompted crypto commentator MartyParty to accuse the exchange of consistently opting to utilize substandard tools and high-volume vulnerable technologies.<\/p>\n\n\n\n

However, Coinbase CEO Brian Armstrong stated that the issue was merely one of enhancing the ecosystem's infrastructure, which had become worn out as a result of the demand exceeding initial projections.<\/p>\n\n\n\n

As a result, he declared that Coinbase intends to make infrastructure investments to effectively address the challenge.<\/p>\n","protected":false},"excerpt":{"rendered":"

Base Network customers are witnessing a high\u00a0gas hike due to another round of Coinbase congestion that caused related outages previously. The Base Network has experienced a surge in transaction fees as a result of an additional Coinbase congestion saga, as stated in a published Status Update. Coinbase Congestion Causes High Gas Fees The American cryptocurrency […]<\/p>\n","protected":false},"author":56,"featured_media":74083,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,32],"tags":[17681,150],"class_list":["post-74080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto-exchange-news","tag-base-network","tag-coinbase"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/03\/coinbase-logo-1-2048x1170-1.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/74080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=74080"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/74080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/74083"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=74080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=74080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=74080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}