So many people were trying to use the Ethereum blockchain during Thursday’s market meltdown that many applications simply stopped working as intended.
The decentralized finance (DeFi) sector was hit particularly hard.
The decentralized services that feed price information into these headless lending platforms – known as “oracles” in the industry – simply couldn’t keep up.
Oracles could not send accurate price data and traders could not execute trades without paying horrendous fees to record transactions onto the blockchain.
