Stacks, a layer-2 blockchain constructed on Bitcoin, has confronted a broad outage lasting over four hours.
In accordance with its self-discipline page, the community ceased producing transaction blocks at 7:15 UTC on Jan. 6. Since then, no fresh blocks accept as true with been created, successfully halting transaction processing.
The mission’s team confirmed the topic on its social media platform, bringing up that developers are investigating a extend in block manufacturing introduced on by a signer. Whereas updates are expected, the team has yet to develop a decision timeline.
They acknowledged:
“Core devs are investigating a extend in block manufacturing linked to a Signer. Standby for more updates.”
This outage occurs decrease than three months after the Nakamoto enhance, a broad update designed to enhance transaction speeds and enhance security.
The Nakamoto enhance carefully aligns Stacks blocks with Bitcoin’s finality, leveraging the quit crypto’s sturdy hash energy to rep transactions. By tying Stacks to Bitcoin’s blockchain, the community advantages from BTC’s resistance to reorganization, which increases its total reliability.
The team acknowledged:
“Any transaction you salvage on Stacks is now secured by 100% of Bitcoin’s hash energy.”
Despite the outage, the community’s Stacks (STX) token remains unaffected. Files from CryptoSlate reveals STX has gained over 4% within the past 24 hours, reaching $1.71. This continues per week-long rally of 15%, even supposing the token has viewed broader declines of over 33% in some unspecified time in the future of the past month.
sBTC milestone
Meanwhile, this outage coincides with Stacks’ progress in its sBTC initiative, a Bitcoin-wrapper token.
On Jan. 5, the mission acknowledged that the total present of sBTC reached 1,000 tokens, same to nearly $99 million. This success emphasizes the rising adoption of Stacks in DeFi.
It added:
“After the principle cap of 1,000 sBTC has been reached, the BTC is now slowly trickling down into the Decentralized Finance functions on Stacks. Efforts are underway to scale this momentum exponentially within the approaching weeks and months.”
