Stacks Network Faces Major Outage
Stacks, a layer-2 blockchain built on Bitcoin, experienced a significant outage lasting over four hours. The network stopped producing transaction blocks at 7:15 UTC on Jan. 6, according to its status page. This halt in block production has effectively paused transaction processing.
Investigation and Updates
The project’s team acknowledged the issue on social media, attributing the delay in block production to a signer. Developers are currently investigating the problem, with updates expected. However, a resolution timeline has not yet been provided.
“Core devs are investigating a delay in block production related to a Signer. Standby for more updates.”
Nakamoto Upgrade and Network Security
This outage follows the Nakamoto upgrade, which aimed to enhance transaction speeds and security. The upgrade aligns Stacks blocks with Bitcoin’s finality, utilizing Bitcoin’s hash power to secure transactions. By integrating with Bitcoin’s blockchain, Stacks benefits from increased reliability due to Bitcoin’s resistance to reorganization.
“Any transaction you make on Stacks is now secured by 100% of Bitcoin’s hash power.”
Token Performance and sBTC Initiative
Despite the outage, Stacks’ token (STX) remains unaffected. STX has seen a 4% increase in the past 24 hours, reaching $1.71. The network’s sBTC initiative, a Bitcoin-wrapper token, has also made progress with the total supply of sBTC reaching 1,000 tokens, equivalent to nearly $99 million.
“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.”
