You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Ethereum Layer-2 Protocol Starknet Sheds Light On What Caused 4-Hour Block Outage

A bug within Ethereum’s layer-2 scaling solution Starknet resulted in a four-hour block outage on April 4, as disclosed by the protocol team in a statement on April 5. The statement revealed that Starknet encountered a “rounding error bug” leading to block reorganization, thereby causing the transaction backlog to reach full capacity.

Ethereum Layer-2 Protocol Back Up and Following Block Outage

“As a consequence, there were several minutes during which new transactions couldn’t be processed and were consequently rejected,” the statement continued, disclosing that “certain transactions were reverted due to parameter changes (e.g., timestamps).”

“The backlog has been cleared, and regular network operations have resumed,” the protocol further added. “We are in communication with pertinent parties to prevent any future issues.”

Starknet’s Series Of Challenges

Data from CoinGecko indicates that the outage led to a decline in the price of Starknet to $1.82 by Thursday morning, although it had risen to $1.91 by the time of publication.

Thursday’s four-hour downtime represents the latest hurdle for the Israel-based protocol, which encountered delays in early March following the implementation of Ethereum’s Dencun upgrade aimed at reducing Layer-2 rollup fees.

In January, Uri Kolodny, co-founder and CEO of StarkWare Industries, Starknet’s parent company, resigned from his position, leading to Eli Ben-Sasson, the company’s president, assuming his role.

“Serious medical challenges at home demand my full attention,” Kolodny stated at the time. “I took a leave of absence a year ago, but unfortunately, that wasn’t sufficient.”

Kolodny expressed confidence that Ben-Sasson would “guide StarkWare forward with skill and dedication, achieving great success.”

Massive Scalability, Lower Costs

Despite some controversy, Starknet is poised to officially launch its cryptocurrency, $STRK, in April following a significant 728 million airdrop in February, during which over 220 million tokens were claimed within hours of the launch.

As per CoinGecko, the protocol boasts a market capitalization of nearly $1.38 billion and a fully diluted valuation of $18.9 billion, placing it alongside other major players in the layer-2 space.

Established in 2018, StarkWare Industries specializes in zero-knowledge cryptographic proofs to tackle scalability issues.

According to Starknet’s website, the Ethereum layer-2 protocol aims to combine low fees with rapid transactions and extensive scaling capabilities.

Those eligible for the initial round of STRK allocation in February have until June 20 to claim their tokens, while Starknet plans to release a comprehensive analysis of Thursday’s outage incident at a later date yet to be determined.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Azuro Protocol Partners With zkSync Hyperchain Sophon
30.05.2024By
PayPal’s PYUSD Stablecoin on Solana Introduces ‘Confidential Transfers’ for Enhanced Privacy
30.05.2024By
Former Consensys Employee Launches Stablecoin ‘USD3’
30.05.2024By

Latest news

Azuro Protocol Partners With zkSync Hyperchain Sophon
30.05.2024
PayPal’s PYUSD Stablecoin on Solana Introduces ‘Confidential Transfers’ for Enhanced Privacy
30.05.2024
Former Consensys Employee Launches Stablecoin ‘USD3’
30.05.2024
NFTs are Highly Susceptible to Fraud and Scams: US Treasury Report
30.05.2024
Ethereum ETF Approval Was a Political Decision, Says Bloomberg Analyst James Seyffart
30.05.2024
Joint Global Tax Group Issue Crypto Risk Indicators to Financial Institutions
30.05.2024
Judge Throws Out DEBT Box Case, Orders SEC to Pay $1.8M
29.05.2024
Canada Warns of Rising Pig Butchering and Crypto Investment Scams
29.05.2024
Iggy Azalea’s MOTHER Memecoin Hit With Insider Activity Claims After Alleged Sahil Arora Scam
29.05.2024
DeFi Data Firm API3 Raises $4M in Funding Round Led by DWF Labs
29.05.2024