Celo stops blockchain hours as validators work to identify problem
- Celo has stopped its blockchain, and validators are investigating the problem.
- Uniswap v3 was distributed on the Celo network hours before, but there is no confirmation as to whether this was related.
- Uniswap and the Celo collaboration are focused on regenerative finance, an environmentally friendly initiative.
The Celo network has stopped its blockchain, according to a tweet posted on July 14. No funds have been compromised, and it is unclear what the problem is, but the Celo team has said that validations are working to identify the problem and solve it. So far, Celo has been down for almost half a day.
However, although there is no evidence to confirm this, a recent deployment of Uniswap v3 may be related to the issue, as the Uniswap v3 protocol went live on the Celo network hours before it stopped. The stoppage took place at a block height of 14,035.19.
The shutdown does not appear to have affected CELO’s price at all. The validators and team should hopefully soon be able to come up with a solution, as many of the community members are eagerly awaiting regenerative finance (ReFi), which the Uniswap and Celo collaborations have focused on.
Uniswap and Celo have worked together on the distribution of Uniswap v3 on Celo for some environmental-first initiatives. The idea is to create a regenerative financial model (ReFi) that provides many green benefits.
The press release for the collaboration describes how it will help in the fight against climate change,
“Uniswap’s capital-efficient decentralized exchange provides access and liquidity to the voluntary carbon market, paving the way for Climate Collective partners to begin integrating ‘programmable carbon’ and accelerating climate action.”
Uniswap in the news for many reasons
Uniswap is still one of the most popular DEXs in the crypto market, and the market crash has not slowed growth. The company boarded a former president of the New York Stock Exchange in June 2022, and it has also acquired the NFT aggregator Genie – and NFT plans are growing.
Uniswap is also interested in web3, like so many other companies, both inside and outside the crypto area. It has established a venture arm to fund web3 projects, which will also participate in the management of portfolio protocols beginning with Aave, Compound Finance, Maker Dao and ENS Domains.
Meanwhile, Binance chief Changpeng Zhao has said there could be a potential exploit on Uniswap V3. He had to defend himself afterwards, and the exploitation was later confirmed to be a false positive.
