Starknet, a layer-2 solution for Ethereum valued at $8 billion, is currently facing its first significant outage, with no new blocks registered on the network for several hours. According to Starkscan data, the network halted block production around 8:57 (GMT+3) and has not resumed since.
Although Starknet’s status page does not indicate any reported issues, the cause of the outage remains unclear. This incident has coincided with a decline in the project’s native token, STRK, which has dropped over 3.5% and is currently trading at $1.8, as per CoinMarketCap data. As of now, Starknet has not issued any public statements regarding the situation.
Launched by StarkWare in November 2021, Starknet is a decentralized layer-2 network aimed at scaling Ethereum and decentralized applications, offering unlimited scalability for transactions. The project has secured $225 million in funding from investors such as Greenoaks Capital, Coatue, Tiger Global, Paradigm, and Sequoia Capital, contributing to its $8 billion valuation.
