The leading blockchain browser tool on the Avalanche system developed by Etherscan announced that it will be discontinued

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Due to a lack of funding and the fallout from the Stars Arena hack, SnowTrace will most likely have to sadly announce its closure.

On October 30, 2023, SnowTrace, the leading Avalanche blockchain explorer tool developed by Etherscan, officially announced that it would be shut down at 07:00 am on November 30, 2023 (Vietnam time).

SnowTrace requires users to download private keys, name tags, and other information and verify their contracts before the browser stops working.

At this time, it is unclear why SnowTrace had to cease operations. However, this is most likely due to a lack of funds, as the cryptocurrency winter is long. As for the Avalanche (AVAX) ecosystem, after experiencing the prosperity of the bull market, Avalanche has gradually lost its luster with the general decline of the market.

In 2023, with the emergence of a series of new projects such as Aptos, Arbitrum, Optimism, etc., attracting a lot of attention from the community, it will be difficult for “old coin” projects like AVAX to compete with them.

In order to regain its position, Avalanche began planning to turn things around and launched Stars Arena, a “rival” to Friend.tech.Leveraging the FOMO effect surrounding Friend.tech, the SocialFi app quickly attracted users and cash flow, to some extent Promote AVAX growth.

However, the good times did not last long as Stars Arena was attacked, causing TVL losses of US$3 million. Immediately afterwards, Emin Gun Sirer, founder and CEO of Ava Lab, said comfortingly: “… Stars Arena only lost $3 million. I believe that money can be recouped easily and quickly.”

Implying that the $3 million figure is “nothing” compared to the asset value and cash flow of the Avalanche system, the AVAX community can quickly help Stars Arena get back on its feet. To date, this claim has been questioned by the community as SnowTrace prepares to cease operations. The current TVL of Stars Arena is less than $330,000, which shows that the recent attacks have had a serious impact on this young project. Other projects in the AVAX ecosystem have also suffered the fate of decline and will operate “permanently”.

It’s worth noting that before the attack, Stars Arena made an important security mistake when allowing users to easily withdraw money from smart contracts. The security flaw threatened more than $1 million in value locked in the project’s smart contracts.

Specifically, due to a bug in the getPrice() function, the contract could be stolen, allowing hackers to call the contract and transfer funds to their wallet. Although the project has since updated and patched the bug, the incident highlights that Stars Arena’s systems have not yet reached the required level of security and reliability.

Before it stopped, on October 29, the CEO of Starlight Arena announced his resignation for unknown reasons.

As of today, Chill Pill has resigned as CEO.

We will continue to take significant steps to rebuild trust with our community.

— Star Arena (@starsarenacom) October 29, 2023

However, as Snowtrace had to cease operations, many people in the community expressed regret, because now if you want to use the blockchain browser on Avalanche, you must access Avascan, a platform that has received a lot of praise, and it is not superior to Snowtrace.

SametimeWeb data shows that Avanscan had just over 42,100 visits during the same period, less than 1/6 of Snowtrace’s results.

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