tl;dr
Coinbase, the American Nasdaq-listed exchange, has announced a planned system upgrade, leading to a temporary outage on its platform. The upgrade, scheduled for October 26, 2024, will last for two hours and affect various products and trading functionalities. Despite the inconvenience, the exchange ...
Coinbase Announces Temporary Outage for System Upgrade
Coinbase, the American Nasdaq-listed exchange, has announced a planned system upgrade, leading to a temporary outage on its platform. The upgrade, scheduled for October 26, 2024, will last for two hours and affect various products and trading functionalities. Despite the inconvenience, the exchange assures users of potential improvements.
Additionally, Coinbase has added support for new projects, such as EigenLayer (EIGEN), and is set to launch cbBTC, expected to impact the Base Network.
Previous Outages During High Traffic Periods
Coinbase has seen a number of such service outages in the past. When Bitcoin hit an All-Time High (ATH) of more than $73,000, Coinbase faced a massive outage, marking the third within two weeks. In May, the crypto exchange experienced a system-wide outage but saw a quick full recovery.
Support for New Projects
In another Coinbase update, the trading platform has been adding support for new projects in the industry. One such project is EigenLayer (EIGEN), for which Coinbase has added support on the Ethereum network (ERC-20 Token). Binance has also confirmed EIGEN listing.
The spot trading for specific pairs commenced on October 1 at 05:00 UTC.
Conclusion
While the temporary outage may cause inconvenience, it is likely to bring some improvements to the exchange and its Layer-2 blockchain Base. The launch of cbBTC is expected to have a similar effect on Base Network in the long term.
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