A surge in transactions following the launch of a new memecoin, DOGS, likely contributed to an 8-hour outage on the TON blockchain.
On Wednesday morning (SGT), the TON blockchain network was significantly disrupted, presumably as a result of an excessive volume of transactions associated with the recent launch of a new memecoin, DOGS.
Tonscan data indicates that the TON network ceased generating blocks for nearly eight hours, with the final block being generated at 06:11:46 UTC+8.
Cryptocurrency exchanges were immediately affected by this disruption, as Bybit announced the suspension of all deposits and withdrawals through the Toncoin (TON) network in order to mitigate potential risks associated with the network instability.
TON Blockchain is currently experiencing a disruption in block production. The issue is occurring due to the abnormal load currently on TON. Several validators are unable to clean the database of old transactions, which has led to losing the consensus.
TON Core has issued a call…— TON 💎 (@ton_blockchain) August 28, 2024
The outage was attributed by the TON Foundation to the “network overload” caused by the excessive number of DOGS transactions.
The garbage collection procedure, which is responsible for clearing unused data, was overloaded, resulting in many validators losing consensus. In order to regain consensus, validators were obligated to resume at 4:00 UTC with specific flags.
Although the TON blockchain network has been restored as of approximately 5:30 a.m. UTC, the outage has prompted a plethora of inquiries regarding the network’s resilience and scalability, particularly in the context of abrupt surges in activity.
The arrest of Telegram CEO Pavel Durov on Saturday resulted in a TON sell-off of approximately 18%.
Durov was apprehended in France upon his arrival at Le Bourget Airport aboard a private aircraft. The individual, who is a Russian national with French citizenship and resides in the United Arab Emirates, was apprehended pursuant to a warrant for offenses related to the Telegram application.
