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Starknet Faces Major Outage, Halting Block Production for Hours

Starknet, a prominent layer-2 solution for Ethereum valued at $8 billion, has encountered a significant outage, leading to a halt in block production on the network for several hours.

The outage, which marks Starknet’s first major disruption, has resulted in the cessation of new block registrations on the network since approximately 8:57 (GMT+3) according to data from Starkscan. Despite no reported issues on Starknet’s status page, the cause of the outage remains undisclosed.

In response to the outage, the project’s native token STRK experienced a decline of over 3.5%, currently trading at $1.8 as per CoinMarketCap data. As of now, Starknet has not issued any public statements addressing the situation.

Starknet, launched by StarkWare in November 2021, serves as a decentralized layer-2 network aimed at enhancing Ethereum scalability and facilitating decentralized applications (dApps). Its architecture enables unlimited scalability for transactions, attracting significant attention and investment.

Having raised a total of $225 million from prominent investors like Greenoaks Capital, Coatue, Tiger Global, Paradigm, and Sequoia Capital, Starknet boasts a valuation of $8 billion. However, the recent outage underscores the challenges and vulnerabilities inherent in even the most advanced blockchain technologies.

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