As a seasoned crypto investor with a penchant for the unpredictable, I must say the recent TON blockchain debacle was quite the rollercoaster ride. The sudden surge of transactions due to the launch of $DOGS meme coin, causing an unprecedented network load and subsequent outage, is something I’ve never encountered before in my crypto journey.
As a crypto investor, I’m thrilled to be back online after TON experienced a major outage that halted block production for over three hours. The interruption, triggered by an unforeseen spike in network activity, has certainly stirred apprehension among users and developers, as no new blocks were produced during the downtime.
Indeed, as stated in a recent update from X, the protocol is now functioning normally once more, with no cryptocurrencies reported missing in the process.
DOGS Army Sends TON Blockchain Offline
The organization responsible for managing the TON blockchain, known as the TON Foundation, announced that the problem stemmed from an unusual amount of traffic on the network following the debut of $DOGS, a meme-inspired cryptocurrency built upon the TON blockchain.
1. The meme token, created to reflect the vibe of the Telegram group, led to an exceptional amount of transactions that swamped the network’s validators. Just 10 hours after being listed on exchanges, $DOGS reached a trading volume of $1.7 billion and swiftly climbed as one of the best-performing tokens in the market.
Yet, the unanticipated burden strained the network’s structure, leading numerous validators to feel overloaded. Consequently, they lost synchronization, which halted the creation of new blocks throughout the network.
In a statement, TON mentioned that several verifiers have been struggling to clear outdated transaction data from the database, resulting in the loss of agreement or consensus among them.
TON Network Restored after Coordinated Effort
To address the issue, the TON Foundation orchestrated a unified action aimed at returning things back to usual. They asked validators to restart their systems at 4:00 am UTC on August 28, with the goal of re-establishing agreement among them.
At the moment, TON‘s Blockchain is facing an interruption in the creation of blocks. This problem arises because of an unusual amount of workload on TON. Multiple validators are having trouble clearing their databases of old transactions, resulting in a loss of consensus due to this backlog.
TON Core has issued a call…
— TON 💎 (@ton_blockchain) August 28, 2024
At 5:30 am UTC, two hours hence, the Foundation declared that block creation had recommenced, and the network was operational once more.
Currently, the blockchain explorer for TON, Dton.io, indicated that a grand total of 231,879,089 blocks had been processed by the network. This suggests that operations have returned to their usual state, enabling users to safely carry out transactions once more.
Binance and Bybit Suspends TON Transactions
In the course of the outage, well-known cryptocurrency platforms such as Binance and Bybit momentarily halted deposit and withdrawal activities related to Toncoin (TON), its native digital currency.
As a researcher, I found that some companies halted trading activities due to “network instability,” as expressed by Bybit. They clarified that they would resume operations only after the TON network had been completely restored. This action appears to be a proactive step taken by exchanges to minimize potential financial risks arising from the network’s instability.
In response, the TON Foundation issued a statement during the outage, reassuring users that no digital assets would be at risk and that all ongoing transactions would be handled as soon as the network returned to functioning properly.
“You can feel confident that all transactions will be processed without a hitch, and there’s no risk of losing your cryptocurrency holdings because of any problems,” the TON Foundation stated in their recent update.
Read More
Sorry. No data so far.
2024-08-28 11:59