The Open Network (TON) successfully restarted block production following a seven-hour disruption caused by the DOGS memecoin airdrop. The surge in transaction volume led to a loss of consensus within the network, prompting major exchanges to temporarily pause transaction services. Post-outage, TON urged its validators to restart their nodes to restore normal network operations.
What Caused the Outage?
Around 01:10 AM, the TON network ceased transactions entirely, as reported by Tonscan, due to an overwhelming number of transactions from the DOGS airdrop. This surge caused significant issues within the network’s database, resulting in a loss of consensus among validators, which halted block production. Access NEWSLINKER to get the latest technology news.
Justin, who claims to be a strategic advisor for TON Society, confirmed that the DOGS memecoin airdrop was the primary catalyst for this disruption. The network could not handle the sudden increase in transaction volume, leading to an operational collapse.
How Did Validators Respond?
In an urgent response, validators were instructed to restart their nodes. During this process, leading cryptocurrency exchanges such as Binance and Bybit suspended deposits and withdrawals related to the TON network. This action was necessary to ensure the network could regain stability and resume block production.
The outage had a notable impact on Toncoin’s value. The cryptocurrency experienced an 18% drop, falling to $5.11 from its weekend value, and currently trades at $5.34. Over the past week, Toncoin’s value has decreased by 20%, according to CoinMarketCap data.
Key Takeaways for Users
– High transaction volumes can significantly disrupt network consensus.
– Major exchanges may halt transactions to protect user funds during network outages.
– Such incidents can lead to substantial fluctuations in cryptocurrency values.
The TON network outage, triggered by the DOGS memecoin airdrop, highlights the vulnerabilities in handling excessive transaction volumes. While network operations have resumed, the incident led to a significant impact on Toncoin’s market value, demonstrating the broader implications of network disruptions in the crypto ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/ton-network-resumes-after-seven-hour-interruption