BPOI Banner
TON Blockchain Sees 7x Surge in Active Addresses Since July 2021 TON Blockchain Sees 7x Surge in Active Addresses Since July 2021

TON Blockchain Recovers After Six-Hour Outage Amid DOGS Meme Coin Frenzy

The Open Network (TON) recently experienced a major outage, halting transactions for over six hours due to an abnormal surge in activity.

According to on-chain data, the disruption began around 10:11 p.m. UTC on August 27, when TON stopped producing new blocks.

Consensus Breakdown

One of the first to raise the alarm regarding the issue was Tonk Inu, a crypto community based on the network. In a post on X, it informed users that services on TON had been interrupted. The report also hinted at the high traffic volumes caused by the newly launched DOGS meme coin as the reason for the disruption.

Soon after, a TON Foundation member named Justin, while responding to a request by crypto investor Chris Burniske, also attributed the interruption to an overwhelming load triggered by the DOGS token.

Furthermore, TON also released a statement on its official X account acknowledging the outage. It explained that excessive load on the blockchain had caused several validators to fail in clearing their databases of old transactions, leading to a breakdown in consensus.

To resolve the issue, the team behind the network said it had instructed block verifiers to restart at 4.00 a.m. UTC on August 28.

After a six-hour downtime, services were finally restored, with the platform announcing on the morning of August 28 that it was back online and functioning normally.

TON Blockchain Update

DOGS Price Down Following TON Downtime

On its part, DOGS, the alleged cause of the network failure, has simmered down markedly. After its price peaked at $0.001856 following its launch, the coin is now changing hands at around $0.0012, giving it a market cap of $645 million.

Trading activity has also slowed down. Initially, it registered a 24-hour trading volume of more than $1.7 billion, but the latest figures from CoinMarketCap show that it attracted just slightly more than $1 billion on the last day.

It has also not been lost on observers that TON’s latest woes come in the wake of the arrest in France of Telegram co-founder Pavel Durov. According to reports, Durov’s detention is in connection to alleged insufficient moderation on the messaging platform, particularly regarding issues surrounding drug trafficking, child sexual content, and fraud.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Source link

Wayne Jones

https://cryptopotato.com/ton-blockchain-recovers-after-six-hour-outage-amid-dogs-meme-coin-frenzy/

2024-08-28 08:16:26

bitcoin
Bitcoin (BTC) $ 95,057.47 1.71%
ethereum
Ethereum (ETH) $ 3,281.08 1.77%
tether
Tether (USDT) $ 0.999883 0.00%
xrp
XRP (XRP) $ 2.17 2.42%
bnb
BNB (BNB) $ 660.32 0.01%
solana
Solana (SOL) $ 181.61 0.86%
dogecoin
Dogecoin (DOGE) $ 0.311553 1.13%
usd-coin
USDC (USDC) $ 1.00 0.03%
staked-ether
Lido Staked Ether (STETH) $ 3,277.47 1.88%
cardano
Cardano (ADA) $ 0.881377 1.13%
tron
TRON (TRX) $ 0.245725 0.16%
avalanche-2
Avalanche (AVAX) $ 36.11 3.82%
chainlink
Chainlink (LINK) $ 22.49 1.95%
the-open-network
Toncoin (TON) $ 5.39 1.41%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,906.11 1.44%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,077.47 1.24%
shiba-inu
Shiba Inu (SHIB) $ 0.000021 0.50%
sui
Sui (SUI) $ 4.25 4.65%
stellar
Stellar (XLM) $ 0.353485 0.37%
polkadot
Polkadot (DOT) $ 6.85 1.87%
hedera-hashgraph
Hedera (HBAR) $ 0.263414 4.38%
weth
WETH (WETH) $ 3,286.97 1.65%
hyperliquid
Hyperliquid (HYPE) $ 26.23 22.43%
bitcoin-cash
Bitcoin Cash (BCH) $ 439.78 2.78%
leo-token
LEO Token (LEO) $ 9.37 0.52%
uniswap
Uniswap (UNI) $ 13.74 0.91%
litecoin
Litecoin (LTC) $ 102.09 2.21%
pepe
Pepe (PEPE) $ 0.000018 1.52%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,467.30 1.66%
near
NEAR Protocol (NEAR) $ 5.04 1.10%
ethena-usde
Ethena USDe (USDE) $ 0.999683 0.03%
bitget-token
Bitget Token (BGB) $ 4.10 0.97%
usds
USDS (USDS) $ 0.998031 0.04%
aptos
Aptos (APT) $ 9.10 2.76%
aave
Aave (AAVE) $ 321.86 8.41%
internet-computer
Internet Computer (ICP) $ 9.93 0.80%
crypto-com-chain
Cronos (CRO) $ 0.153092 2.00%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.472285 0.62%
mantle
Mantle (MNT) $ 1.16 1.80%
ethereum-classic
Ethereum Classic (ETC) $ 26.09 0.31%
vechain
VeChain (VET) $ 0.045494 0.18%
render-token
Render (RENDER) $ 6.99 1.60%
whitebit
WhiteBIT Coin (WBT) $ 24.41 0.27%
mantra-dao
MANTRA (OM) $ 3.63 0.08%
monero
Monero (XMR) $ 186.95 2.40%
dai
Dai (DAI) $ 1.00 0.04%
bittensor
Bittensor (TAO) $ 452.65 0.77%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.26 0.57%
arbitrum
Arbitrum (ARB) $ 0.748373 0.29%
ethena
Ethena (ENA) $ 1.05 1.60%