Arbitrum One Sequencer Stalls

Quick Take

• Arbitrum One sequencer temporarily stalls.
• Base releases op-viem and op-wagmi libraries.
• EigenDA supports the OP Stack.
• The SEC denies Coinbase’s rulemaking petition.

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Optimism Highlights 🔴✨

OP-Viem And OP-Wagmi Release
Base released op-viem and op-wagmi, which are new extensions for the existing viem and wagmi libraries. The release provides better tooling for developers to build on OP Stack chains. Viem is used to simplify the complexities of transactions, whereas wagmi is used for application frontend development with React. The extensions bring support for bridging functionalities specific to the OP Stack. op-viem is designed to assist JavaScript developers across various frontend frameworks, while op-wagmi delivers comprehensive React hooks, facilitating easier cross-chain functionality in React-based dapps. Developers can access the libraries at opviem.sh and opwagmi.sh.

EigenDA Supports The OP Stack
EigenDA introduced support for the OP Stack, enabling developers to use EigenDA for data availability. A modified version of the OP Stack, integrated with EigenDA, is now live on testnet. The integration allows OP Stack chains to manage larger L2 block sizes while reducing data availability costs. The release modifies the OP Stack batcher to post transaction batches to EigenDA. Ethereum serves as a fallback option in the event of any issues with EigenDA. The release also changes OP Stack nodes to retrieve EigenDA blobs for L2 state derivation. To enhance security, the system supports the use of multiple EigenDA quorums. AltLayer already launched the first OP Stack and EigenDA rollup on testnet.

Arbitrum One Sequencer Stalls

The Arbitrum One sequencer experienced a temporary stall today due to a high volume of inscription transactions on the rollup. Analysis by Hildobby indicates a massive influx of transactions, in the tens of thousands, being sent to the sequencer for processing with 90% of the transactions being inscriptions. Inscription transactions are used for the onchain storage of data, such as image metadata. The sudden increase in activity not only affected the sequencer but also led to elevated gas fees on both Arbitrum One and Ethereum Mainnet. The sequencer resumed processing transactions approximately one hour following the incident.

High gas fees persisted following the incident due to the accumulated backlog of transactions. During the peak, the Arbitrum sequencer was among the highest gas consumers on Ethereum mainnet, with over 500 ETH paid in gas fees. The Arbitrum One sequencer previously encountered downtime in June due to a bug.

SEC Denies Coinbase Petition

The SEC has denied Coinbase’s rulemaking petition asking for regulatory clarity around existing securities laws and the digital asset sector. The SEC has failed to respond to the petition since it was filed in July 2022. Coinbase says it plans to continue challenging the SEC’s abdication of its duty in court.

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