Block production has resumed on the Blockstream Liquid network after technical issues with a functional upgrade caused several transactions to wait for hours.
In an October 5 update from a Liquid Supervisory Board member identified as Wiz, Liquid’s fail-safe mode I was It was activated yesterday due to “An unexpected issue occurred that caused the blocked signer nodes to fail to check certain parameters against each other”. As a result, the network stopped producing blocks and queued transactions in Liquid mempool for approximately 22 hours starting at approximately 5:19 PM EST on October 4.
Wiz reports that Liquid developers have upgraded 10 of 15 employees, with the expectation that block production will resume once another one is fixed. Pending liquid transactions were queued in the mempool until the nodes were upgraded, which is completed today as the network mentioned The blocks were coming.
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First announced in 2015, Liquid is designed to be a Bitcoin (BTC) sub-chain aimed at accelerating the settlement of BTC transactions for cryptocurrency exchanges. The network supports LiquidBTC (LBTC) tokens pegged to BTC – there are 3,293 currently in circulation. In addition, the liquid consortium has 57 members, including crypto exchanges Bitfinex, BitMEX, and Huobi.