Starknet lost about 75% of its DeFi liquidity in 24 hours: on October 22, the decentralized exchange Extended migrated from Starknet to Circle's Arc blockchain, according to a statement from Extended. As a result, the network's TVL dropped from $158 million to $42 million.

Extended accounted for ~74% of the network's TVL

According to DefiLlama, the protocol represented about 74% of all DeFi liquidity locked on Starknet. The platform provided nearly all perpetual futures trading volume on the network and was one of the largest sources of trading fees among applications. The migration effectively left the network without its key DeFi protocol.

Community approved research into migration to post-quantum L1

On the same day, the Starknet community approved research into a possible migration of the network to an independent post-quantum L1 blockchain.

No official plans to shut down the network

There are no official plans to discontinue Starknet's operations.