DeFi season is here, but it's off to a bumpy start

  • Decentralised finance (DeFi) projects are pumping hard — a little too hard for some to handle, like Solana and Ethereum-backed Arbirtum One.

  • The Solana blockchain network was down for hours after seeing 400,000 transactions per second.
  • The system has since been rebooted but it’s gonna be a while before applications and other systems based on Solana are back to full functionality.
  • A surge in transactions caused the Ethereum-backed Arbitrum One network’s sequencer to go offline for 45 minutes.

  • Meanwhile, hackers were trying to breach the Ethereum blockchain — albeit, unsuccessfully.