Starknet appears to be facing its first major outage as no new blocks have been registered in the network over the past few hours.

Starknet, a layer-2 solution for Ethereum valued at $8 billion, is apparently experiencing its first significant outage, with no new blocks registered on the network in the past several hours. According to data from Starkscan, the network ceased producing new blocks at around 8:57 (GMT+3), with no updates since then.

While Starknet’s status page shows no reported issues, the cause of the outage remains unclear. Amid the news, the project’s native token STRK saw a decline of over 3.5% and is currently trading at $1.8, according to data from CoinMarketCap. As of press time, Starknet has not made any public statements regarding the situation.

Launched by StarkWare in November 2021, Starknet is a decentralized layer-2 network designed to scale Ethereum and decentralized applications, enabling unlimited scalability for transactions. The project has raised a total of $225 million from investors such as Greenoaks Capital, Coatue, Tiger Global, Paradigm, and Sequoia Capital, propelling its valuation to $8 billion.