Stacks, a layer-2 blockchain constructed on Bitcoin, has confronted a major outage lasting over 4 hours.
In response to its standing web page, the community ceased producing transaction blocks at 7:15 UTC on Jan. 6. Since then, no new blocks have been created, successfully halting transaction processing.
The venture’s group confirmed the difficulty on its social media platform, stating that builders are investigating a delay in block manufacturing brought on by a signer. Whereas updates are anticipated, the group has but to offer a decision timeline.
They said:
“Core devs are investigating a delay in block manufacturing associated to a Signer. Standby for extra updates.”
This outage happens lower than three months after the Nakamoto improve, a major replace designed to enhance transaction speeds and improve safety.
The Nakamoto improve intently aligns Stacks blocks with Bitcoin’s finality, leveraging the highest crypto’s strong hash energy to safe transactions. By tying Stacks to Bitcoin’s blockchain, the community advantages from BTC’s resistance to reorganization, which will increase its total reliability.
The group said:
“Any transaction you make on Stacks is now secured by 100% of Bitcoin’s hash energy.”
Regardless of the outage, the community’s Stacks (STX) token stays unaffected. Information from CryptoSlate reveals STX has gained over 4% previously 24 hours, reaching $1.71. This continues a week-long rally of 15%, though the token has seen broader declines of over 33% throughout the previous month.
sBTC milestone
In the meantime, this outage coincides with Stacks’ progress in its sBTC initiative, a Bitcoin-wrapper token.
On Jan. 5, the venture said that the full provide of sBTC reached 1,000 tokens, equal to just about $99 million. This achievement emphasizes the rising adoption of Stacks in DeFi.
It added:
“After the primary 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 coming weeks and months.”