The decentralized derivatives exchange protocol dYdX has experienced a chain halt during a scheduled upgrade.

The outage has been ongoing since 6:50 a.m. UTC, according to an incident report. On-chain data shows block production appearing to stop shortly after, with dYdX engineers currently debugging the issue.

The incident represents the first major outage for the protocol since dYdX version 4 and its standalone Cosmos blockchain launched on mainnet in October, according to its status page. 

The dYdX Chain was scheduled to undergo its v4.0.0 protocol upgrade today which could potentially disrupt functionalities. Scheduled maintenance was completed at 6:30 a.m. UTC. However, the chain halt issue began 20 minutes later.

In a status update at 9:21 a.m. UTC, dYdX said the issue …