Starknet, a layer-2 solution for Ethereum valued at $8 billion, is currently experiencing a major outage with no new blocks being registered on the network for several hours. According to Starkscan data, block production stopped around 8:57 (GMT+3) and has not resumed since then.

Despite no reported issues on Starknet’s status page, the cause of the outage remains unknown. This incident has led to a 3.5% decline in the project’s native token, STRK, which is now trading at $1.8, as per CoinMarketCap data. Starknet has not issued any public statements regarding the situation at this time.

Launched by StarkWare in November 2021, Starknet is a decentralized layer-2 network aimed at scaling Ethereum and decentralized applications to enable unlimited transaction scalability. The project has received $225 million in funding from investors like Greenoaks Capital, Coatue, Tiger Global, Paradigm, and Sequoia Capital, leading to its $8 billion valuation.

Post Views: 3