TON Blockchain Resumes After 6-Hour Outage Due to DOGS Memecoin Surge
Aug 29, 2024
2 min read
The TON blockchain experienced a significant disruption, halting block production for nearly six hours due to a surge in network traffic caused by the airdrop of the DOGS memecoin. The network has since resumed operations, with its native token, toncoin, showing resilience in the aftermath.
Key Takeaways
TON blockchain halted for nearly six hours due to high network traffic.
The DOGS memecoin airdrop is believed to be the cause of the surge.
Toncoin's value dropped but showed resilience after the network resumed.
Bybit temporarily suspended withdrawals and deposits during the outage.
The Outage Incident
The TON blockchain came to a standstill on Wednesday morning, halting block production for nearly six hours. The disruption was attributed to an abnormal load on the network, primarily due to the airdrop of the DOGS memecoin. The surge in transactions overwhelmed the network, causing several validators to lose consensus and fail to clean the database of old transactions.
Impact on Toncoin
Toncoin, the native token of the TON blockchain, saw its value drop to $5.13, a 9% decrease from its previous trading price of $5.65. However, following the resumption of block production, toncoin managed to recover some of its losses, trading around $5.51, up 2% in the last 24 hours.
Bybit's Response
Bybit, a popular cryptocurrency exchange, temporarily suspended withdrawals and deposits of TON-based assets due to the network instability. The exchange cited the need to ensure the security and stability of transactions during the outage.
Second Outage and Recovery
Interestingly, this was not the first outage for the TON blockchain within a short period. The network experienced a second outage lasting just over four hours, again attributed to the heavy load from the DOGS token minting. Despite these challenges, toncoin's value increased by approximately 8% following the news of the network's recovery.
Telegram and TON
The TON blockchain and Telegram, although separate entities, are closely affiliated. The recent arrest of Telegram CEO Pavel Durov in France has added another layer of complexity to the situation. Durov's arrest, related to charges of enabling illicit transactions and child exploitation on the platform, has impacted the perception and value of toncoin.
Conclusion
The TON blockchain's recent outages highlight the challenges that can arise from sudden surges in network activity. While the DOGS memecoin airdrop brought significant attention to the network, it also exposed vulnerabilities that need to be addressed. Despite these setbacks, toncoin has shown resilience, and the network's recovery efforts are ongoing.