Starknet, a $8 billion layer-2 system that is exceptionally significant to Ethereum, is having what appears to be its first major outage.
It has been a few hours since the network stopped making blocks, according to data from Starkscan, there are no new blocks on the network.Even though Starknet’s status page fails to display any issues, the reason for this failure is still unknown.
Starknet’s STRK Value Plummets
Since this happened, the value of the project’s native token STRK has dropped more than 3.5% and is currently trading at $1.8, according to CoinMarketCap. Notably, the layer-2 system has not yet made any public comments about what is transpiring.
In November 2021, StarkWare introduced Starknet, a decentralized layer-2 network. Encouraging Ethereum and other decentralized applications to grow is the objective. Because of its special architecture, transactions can be changed in both ways in a lifetime.
Numerous sources have contributed funds to the project. Due to $225 million in investments from companies including Sequoia Capital, Greenoaks Capital, Coatue, Tiger Global, and Paradigm, its valuation has risen to $8 billion.
