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Global blockchain payment platform Celo Network crashes shortly after Uniswap v3 launch

14-Jul-2022 By: Shikha Jha
Global blockchain pa

Global blockchain payment platform Celo Network crashes 

Shortly after Uniswap v3 launch

Celo Network, the global blockchain payments infrastructure for mobile users, is currently inactive. According to the data from sources, no new transactions have been completed on the blockchain in the last eight hours. This took place not long after the network's Uniswap v3 deployment.

Celo Network halt block production

The Celo team also acknowledged the outage through Twitter, assuring users that their money is secure. Most Celo network users were caught off guard by the network's sudden outage, and some remarked that it was their first encounter with a blockchain problem of this kind.

According to the source data, the network is currently stuck at block #14035018. The team reported that the blockchain validators are looking into the problem; ideally, a quick solution will be found.

Did Uniswap crash Celo?

It's interesting to note that Uniswap v3 was deployed to the blockchain a few hours after the Celo network stalled.

Uniswap v3 is the most advanced iteration of the most well decentralised exchange till date. This Uniswap version has "Concentrated Liquidity," which provides traders with better execution, a sophisticated infrastructure, and capital efficiency for liquidity providers that is unmatched.

The Celo Foundation, the Climate Collective, and two other projects on the Celo network helped make it possible to seed liquidity for a variety of pairs into Uniswap v3 for Celo users. Many individuals believe that the network outage might have been an accident or have something to do with the Uniswap debut.

At the time of writing, CELO was trading at $0.837. The price of the cryptocurrency didn't significantly decline as a result of the occurrence.

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