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Crypto exchange Coinbase is facing another setback, but this time it’s related to their new Base network facing too much user activity. Base is an add-on network built on top of Ethereum’s blockchain that Coinbase recently launched.
The problem stems from Coinbase becoming excessively crowded with user transactions right now. This overload is causing some transactions on both the Coinbase Wallet app and Coinbase.com website to intermittently fail to process properly.
Coinbase has advised users to simply wait and let the network catch up if their transaction doesn’t go through at first attempt. They recommend waiting for network verification or trying to resend the transaction once Base decongests.
For Coinbase Wallet app users specifically, the guidance is to avoid initiating any new transactions on the Coinbase network until the overcrowding situation improves.
In an update, the Coinbase Wallet team explained that the enormous influx of traffic on Coinbase has resulted in many transactions getting “stuck” in a pending status.
Their recommendation? If a transaction is stuck pending, users should try canceling it and resending with updated fee estimates. If cancellation fails, the transactions should eventually process once Base’s traffic dies down.
The team is working on adding a transaction cancellation tool directly in the app and will provide progress updates when available feature to easily cancel stuck transactions. They’ll share updates when it’s ready.
Also read: SEC Further Delays Decision on Grayscale Ethereum ETP Approval
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