The initial cause was identified as the failure of the transaction verification feature, known as DVN, which led to the "freezing" of Stargate for 6 hours.
Stargate bridge encountered an issue, causing a 6-hour "freeze" in transactions
On the evening of December 20, 2024, numerous Stargate Finance users reported that this cross-chain bridge was experiencing issues, preventing them from converting assets between blockchains, with their assets "stuck" during the transfer process.
According to the investigation by Coin68, some users reported that their asset transfer transactions had been "stuck" for 6 hours, estimated to have started around 3:00 PM the same day.
Although the Stargate community management team confirmed that the bridge was experiencing issues and would be resolved as soon as possible, ensuring 100% safety of user assets, they have not yet clearly disclosed the root cause of the incident.
Stargate's community management team confirmed the technical issue with the bridge in the chat group, captured on the evening of December 20, 2024
According to WOOFi, the first DEX to integrate LayerZero and Stargate, this multi-chain DeFi platform believes the aforementioned bridge may have encountered issues with the Decentralized Verifier Networks (DVN), the feature responsible for verifying cross-chain data packets, leading to user assets being "frozen" for more than 6 hours.
It's reported that Stargate bridge may be temporarily down due to DVN outage. Please refrain from executing any cross-chain swaps to avoid transactions getting stuck. We will provide an update as soon as the service is back.
— WOOFi (@_WOOFi) December 20, 2024
At the time of writing, the issue has not yet been resolved, and the Stargate Finance token STG has been trading around $0.28 in the last 24 hours, down 7% in line with the general market correction on December 20.
24-hour STG token price chart captured at 9:45 PM on December 20, 2024 on CoinGecko.
Compiled by Coin68
