Stellar Network Going through Temporary Freeze in an Unexpected Turn of Events

Stellar is a fiat to digital currency exchange platform that has been operational since 2014. The platform makes allowance for both international and local fiat-to-crypto and crypto-to-fiat conversions. According to some technical analysts, the Ripple network is more centralized than Stellar, which makes it a good contender in the crypto space. There have been speculations that the XLM, the native token of Stellar, could climb to the 1 USD mark in the current year.

However, at the moment, the progress train of Stellar has taken an unexpected turn. It seems that there had been a slew of technical difficulties plaguing the network since Tuesday. Although the Stellar network is still online, many investors are unable to access XLM at various crypto exchanges. 

Is Stellar Going to Recover from its Technical Stoppage Soon?

The Stellar Department Foundation or SDF engineering team is on the case and looking for possible solutions to remedy this situation. The foundation detected some signs of trouble on Tuesday when some of its nodes went offline and created a transactional disruption. Upon further inspection, it was discovered that validator nodes have stopped approving transactions and the public horizon API instance also went down.

The response team at SDF has adapted to Tier 1 validations on the network to ensure the continuation of transactions. The developer pages of SDF states that the engineering team at SDF has been looking for ways to restore the dropped nodes from the network, but they are unable to device an ETA at the moment.

Are Crypto Exchanges Putting a Halt on XLM?

The Stellar network made some noise in the previous week when the news of America’s singing sensation Akon was planning to launch a new altcoin Akoin on its ecosystem was issued. However, today the blockchain is dealing with some unexpected technical obstacles in its way. In the aftermath of the node conundrum, some exchanges have put a halt on XLM transactions until further notice.

Crypto exchange Bitstamp issued a statement declaring the investors would not be able to access or deal in XLM due to the recent issues with the Stellar network. Meanwhile, another crypto exchange Bitfinity has also acted likewise. The good news is that the @StellarORG network has managed to stay online. The last transaction on the digital space was registered five hours ago. However, public block explorers currently show transactions taking place on the network.

Leave a Reply

Your email address will not be published.

Related

Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]

G20 Countries Commit to Uniting Their Efforts Towards a Robust Global Economic Recovery

Several countries in the G20 organization, the U.S, India, and the EU, have promised to create a robust global economic recovery by providing more employment and encouraging development. The proclamation made by the G20 Bali governors comes after the summit, which discussed solutions to the dilapidating economy, attended by some of the top global rulers. […]