Coinbase, Binance, and Decentralized Exchanges Go Down Due to AWS Outage

2021-12-8 09:23

The decentralized derivatives exchange dYdX suffered an outage due to its reliance on centralized cloud services from Amazon. Centralized exchanges Coinbase and Binance.US were also impacted by the interruption of service.

On Dec 8, the dYdX derivatives DEX reported a service outage which it blamed on Amazon Web Services (AWS).

The team tweeted that the centralized cloud services provider was down resulting in the dYdX front end not loading:

We are experiencing greater latency across services and impaired functionality with endpoints not working and the website not loading.

The outage and service disruption lasted around 8-9 hours. At the time of press, the dYdX exchange was back online according to its status page, but the incident has once again raised the issue of true decentralization.

Decentralized or not?

If a decentralized DeFi protocol has to rely on services from a centralized corporation, is it really decentralized?

The team admitted that the platform still has to rely on centralized services and apologized for the outage.

Unfortunately, there are still some parts of the exchange that rely on centralized services (AWS in this case). We are deeply committed to fully decentralizing and this remains one of our top priorities as we continue to iterate on the protocol.

There were a number of responses suggesting that the team runs the exchange on more decentralized cloud services, but they too are not immune from technical issues and outages.

The AWS service status dashboard was still reporting some issues with systems in the US-EAST-1 region at the time of press.

Mainstream media reported that the outage also caused problems in Amazon’s own warehouses. A raft of major websites, streaming providers such as Netflix and Disney+, Alexa, delivery providers, and government services were also affected. Coinbase, which is providing its own cloud services, and Binance.US also suffered an outage according to reports.

Statista estimates that AWS controls around a third of the entire global market for cloud infrastructure services. Too much reliance on one centralized service provider is not a great idea as many have just painfully found out.  

DYDX bounces back

The exchange’s native token took a bit of a dive down to $8.80 during the outage but recovered quickly when services resumed.

At the time of writing, DYDX was trading up 2.2% on the day at $9.33 according to CoinGecko. The token has taken a hit in the wider market retreat, however, dropping 26% over the past week. DYDX is currently down 66.5% from its Sept 30 all-time high of $27.86.

The post Coinbase, Binance, and Decentralized Exchanges Go Down Due to AWS Outage appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 575.43 (-100%)

coinbase centralized due outage decentralized exchanges binance

coinbase centralized → Результатов: 60


In Crypto, the customer is king. Here’s how Delta Exchange is guaranteeing an immersive trading experience

If you have been in the crypto market as a trader for a while now, chances are you have come across and used a fair few different cryptocurrency exchange platforms.   While you may come across different options, from centralized exchanges such as Coinbase and Binance to decentralized offerings (DEXs) such as Uniswap and Binance DEX, […] The post In Crypto, the customer is king.

2021-9-17 14:58


Human Readability and Privacy: BCH Can Be Sent by Email With Tips Tool, No Usernames Required

Tips.Bitcoin.com allows users of crypto to tip BCH to friends and family via email address, arguably cutting out some of the inconvenience associated with standard bitcoin address formats. Unlike Coinbase Wallet’s new username option, which achieves similar ease for transactions, sending keys via email does not require a centralized database of usernames connected to crypto […] The post Human Readability and Privacy: BCH Can Be Sent by Email With Tips Tool, No Usernames Required appeared first on Bitcoin News.

2020-3-4 14:15


Coinbase Leader in the UK: Facebook, Central Banks are Crypto Catalysts, Not Enemies

Zeeshan Feroz, the CEO of Coinbase in the United Kingdom, has recently affirmed that the world needs centralized entities to support the crypto market. According to him, having support from important players such as Facebook and Libra is important if cryptos want to become mainstream. One of the reasons why he has so much faith […]

2019-10-25 01:40


Платежное решение Ink Pay добавлено в Coinbase Wallet

Децентрализованная платформа для p2p-платежей Ink Protocol объявила, что в Coinbase Wallet теперь доступны платежи с помощью приложения Ink Pay, сообщает CoinDesk. Big News! Ink Pay launches on @CoinbaseWallet, creating a trustworthy way to buy and sell on all P2P marketplaces.

2018-8-23 11:18


В Coinbase Wallet появилось платежное решение Ink Pay

Децентрализованная платформа для p2p-платежей Ink Protocol объявила, что в Coinbase Wallet теперь доступны платежи с помощью приложения Ink Pay, сообщает CoinDesk. Big News! Ink Pay launches on @CoinbaseWallet, creating a trustworthy way to buy and sell on all P2P marketplaces.

2018-8-23 10:35