Ethereum suffers a technical issue linked with “transaction finality”

Ethereum’ Beacon chain faced a temporary network issue, where validators were first able to encounter & Ethereum community devs were able to recover ETH network from the incident within less than an hour.

Ethereum is a fully Proof-of-stake (PoS) blockchain network. In September of the last year, the Ethereum PoW chain merged with the PoS Beacon chain. To unlock the real working potential of the Ethereum blockchain, Ethereum developers are tirelessly working to bring several upgrades to the Ethereum blockchain network. 

On 12 May 2023, the Ethereum blockchain network faced a “Network Finality” issue and the reason behind the issue occurred is still unknown, while devs are investigating this incident to fix the main issue to avoid future similar kinds of incidents.

JUST IN: @ethereum's beacon chain experiences brief finality issue, with the cause still unknown. Transaction finality on the network was impacted, but the team is working to identify the root cause. #Ethereum $ETH #EthereumNews #ZK#Crypto #SEC #ETF #Coinzone #BTC #ETH… pic.twitter.com/DXsDvV6Ub6

— Coinzone (@Coinzonestats) May 12, 2023

 Finality refers to the state in which transactions can’t be changed and here the issue was not necessarily linked with Finality, as the investigation is going on but the situation has been resolved & network working smoothly.

Finality has been restored. We do not know the root cause yet, but something happened to cause several client implementations to work really hard to keep up with the chain.

— prestonvanloon.eth (@preston_vanloon) May 11, 2023

The EthereumPools.info team informed that almost all the pools/operators that it monitors, were offline for a couple of epochs. 

For a couple of epochs almost every pool/operator that we monitor went offline

Any idea what happened? pic.twitter.com/3Q9BDFis1d

— ethereumpools.info (@EthereumPools) May 11, 2023

ETH price action

ETH is a native coin of the Ethereum blockchain network and the current trade price of ETH is $17,64 & this trade price is 3.42% low than the 24-hour trade price.

ETH trade price saw a net downfall of $62, as a part of the usual market price downfall and the price graph is also hinting that the latest negative news failed to impact the confidence of ETH coin traders but the latest occurred incident will surely be a big question over the stability of Ethereum PoS network.

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