Stacks Blockchain Experiences Four-Hour Outage Amidst Growing Adoption
Stacks Blockchain Outage: What Happened?
The Stacks blockchain, a layer-2 network built on Bitcoin, faced a significant outage lasting over four hours on January 6. According to the project’s status page, the network ceased producing transaction blocks at 7:15 UTC, effectively halting transaction processing. The project’s team confirmed the issue on social media, stating that developers are investigating a delay in block production caused by a signer.
Cause of the Outage and Resolution Timeline
The team is currently investigating the cause of the delay, but has yet to provide a resolution timeline. In a statement, the team said, “Core devs are investigating a delay in block production related to a Signer. Standby for more updates.” This outage occurs less than three months after the Nakamoto upgrade, a significant update designed to improve transaction speeds and enhance security.
Nakamoto Upgrade: Enhancing Security and Reliability
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. The team stated, “Any transaction you make on Stacks is now secured by 100% of Bitcoin’s hash power.”
Impact on Stacks (STX) Token
Despite the outage, the network’s Stacks (STX) token remains unaffected. According to data from CryptoSlate, STX has gained over 4% in the past 24 hours, reaching $1.71. This continues a week-long rally of 15%, although the token has seen broader declines of over 33% during the past month.
sBTC Milestone: Growing Adoption in DeFi
The outage coincides with Stacks’ progress in its sBTC initiative, a Bitcoin-wrapper token. On January 5, the project stated that the total supply of sBTC reached 1,000 tokens, equivalent to nearly $99 million. This achievement emphasizes the growing adoption of Stacks in DeFi. The project 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.”
Conclusion
In summary, the Stacks blockchain experienced a four-hour outage due to a delay in block production caused by a signer. Despite this, the network’s Stacks (STX) token remains unaffected, and the project continues to make progress in its sBTC initiative, highlighting growing adoption in DeFi. The team is currently investigating the cause of the outage and will provide updates in due course.
Source: Cryptoslate.com
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