Stacks, a layer-2 Bitcoin-based blockchain, experienced a prolonged outage of over four hours.
The network’s status page indicates that it stopped producing blocks of transaction at 7:15 am UTC, on January 6. The network has not created any new blocks since that time, effectively stopping transaction processing.
The project’s team confirmed the issue on its social media platform, stating that developers are investigating a delay in block production caused by a signer. The team is expected to update, but has not yet provided a timeline for resolution.
The statement read:
“Core devs are investigating a delay in block production related to a Signer. Standby for more updates.”
This outage occurred less than 3 months after Nakamoto, an important update that was intended to enhance transaction speeds and security.
The Nakamoto upgrade closely aligns Stacks blocks with Bitcoin’s finality, leveraging the top crypto’s robust hash power to secure transactions. By tying Stacks to Bitcoin’s blockchain, the network benefits from BTC’s resistance to reorganization, which increases its overall reliability.
This is what the team said:
“Any transaction you make on Stacks is now secured by 100% of Bitcoin’s hash power.”
Despite the outage, the network’s Stacks (STX) token remains unaffected. STX is up over 4%, according to data from CryptoSlate. The token has reached $1.71. It is a continuation of a 15% rally over the past week, but the token’s overall declines have been 33% in the past month.
Milestone sBTC
Meanwhile, this outage coincides with Stacks’ progress in its sBTC initiative, a Bitcoin-wrapper token.
This achievement highlights the growing adoption of Stacks in DeFi. This success highlights the increasing adoption of Stacks within DeFi.
The following is added:
“After the first cap of 1,000 sBTC has been reached, the BTC is now slowly trickling down into the Decentralized Finance applications on Stacks. Efforts are underway to scale this momentum exponentially in the coming weeks and months.”
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