Starknet Hit by Block Reorganization Bug, New DAI Version Launched on Starknet

Starknet, a popular Ethereum layer-2 scaling solution, encountered a technical hurdle on April 4th. The network experienced a block reorganization issue, leading to a transaction backlog and hindering block production for four hours. This information came to light via Starkscan, a block monitoring tool for Starknet.

Transaction Backlog and Outage on Starknet

While Starknet’s status page didn’t report any outages, a gap appeared between blocks 630028 and 630029. In an official statement, Starknet acknowledged a rounding error bug as the culprit. Although block production continued, the reorganization caused a backlog, impacting the network’s ability to function at full capacity.

For a brief period, Starknet couldn’t process new transactions, leading to rejections and even reversals of some transactions due to parameter changes. Cointelegraph attempted to verify details regarding a complete halt in block production during the incident but hasn’t received any further information from Starknet.

The last major outage reported on Starknet’s status page occurred on March 13th, coinciding with Ethereum’s Dencun upgrade, and resulted in slow block creation.

New DAI Version Arrives on Starknet

Positive news emerged from Starknet with the official launch of an updated version of the DAI token by StarkGate. This marks a significant step for DAI usage on Starknet, encouraging users to migrate from the older DAI version (v0) to the new one for enhanced features and improved security.

Migration Options for DAI Users

DAI users have two choices for migration. The first and simpler method involves swapping DAI v0 for the new DAI using any available swap service on Starknet, such as Avnu Fi, Ekubo Protocol, LayerSwap, Fibrous Finance, Stark Defi, or JediSwap.

Alternatively, users can withdraw DAI v0 to the Ethereum mainnet (Layer 1) via StarkGate and then redeposit it on Starknet. StarkGate will automatically issue the new DAI upon redeposit.

Transitioning to the new DAI grants users the benefits of Starknet’s advanced features, ensuring their digital assets are more secure and versatile. StarkGate’s initiative highlights the continuous evolution of the blockchain and cryptocurrency landscape, emphasizing the importance of staying updated for maximizing benefits and security in the digital finance space.

Upcoming Token Unlock Casts Shadow on STRK Price

Starknet’s token, STRK, launched with an airdrop on February 20th and soared to a peak of $3.66 on the same day. However, the price took a sharp nosedive the following day, plummeting to $1.69. Experts attribute this rapid decline to profit-taking by investors capitalizing on the initial price surge.

While STRK has shown signs of recovery in March and April, reaching a high of $2.67, an upcoming token unlock on April 15th threatens to derail this progress. With 64 million STRK tokens scheduled for unlocking, the price could either stagnate or witness a significant drop.

STRK/USD Technical Analysis Hints at Price Stability

On the technical front, STRK is currently trading slightly above the crucial $2 level, reflecting a 4.72% increase in the last 24 hours. This could be an indication of short-term price stability, but the upcoming token unlock remains a looming threat to STRK’s price trajectory.