- Cloud service Amazon Web Services (AWS), which runs around one-third of the internet, saw a massive outage.
- Not only were centralised crypto exchanges hit, but decentralised players like dYdX went down in the chaos that followed.
- The time-sensitive nature of transactions on crypto exchanges has users questioning what ‘decentralisation’ truly entails.
Amazon Web Services (AWS) was down for nearly half a day on December 8. As a result, centralised crypto exchanges like Binance, Coinbase and others came to a standstill. Moreover, even decentralised crypto exchanges, like dYdX, were unable to process transactions.
Even though dYdX is decentralised, which is to say that it allows for direct peer-to-peer transactions unlike a centralised exchange where investors need to use the company’s designated wallet, it is still dependent on AWS — a centralised service.