Stacks price crashed 20% due to a 9-hour network outage

On June 14, Colin Wu reported an outage in Stacks operations that lasted more than nine hours, with the network stopping at block 153917. This is the 4th such outage this year: previous failures occurred on January 31, March 17, and April 2

Before the outage, $STX was trading at $2.10 per token, and after that the price fell to $1.63. As a result, the project dropped to 44th place in the ranking of largest blockchains by market cap

Stacks is an L2 blockchain built on Bitcoin. The native $STX token is used to create smart contracts, process transactions, and register new assets

The developers blamed Bitcoin for everything, stating that "an unexpected block failure occurred due to a chain reorganization on the network." However, X Community Notes states that the $BTC network has not undergone any reorganization recently

As a result, Stacks announced the Nakamoto upgrade, which should partially solve the outage issues

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