Toncoin (TON), the native cryptocurrency of the TON blockchain, has resumed block production after an almost six-hour interruption caused by an unexpected spike in network activity.
TON is now producing blocks normally!
— TON 💎 (@ton_blockchain) August 28, 2024
We are back online. https://t.co/iXM6kF464T pic.twitter.com/FQ6eOt9fok
When a blockchain stops producing blocks for a prolonged period, it raises concerns about the network’s stability. Such disruptions can potentially create security vulnerabilities and delay transactions. While these incidents are rare, they can happen during periods of intense network usage. In the case of TON, the recent surge in transactions was likely triggered by an airdrop of the DOGS memecoin. The token’s sudden popularity overwhelmed the network, resulting in a lower-than-expected transactions per second (TPS) rate.
Looks like @ton_blockchain failed stress test, as infrastructure crashes in DOGS airdrop.
— Mikko Ohtamaa (@moo9000) August 26, 2024
Only max of 280 TPS (transactions per second) reached. This is far less than earlier claimed theoretical 55,000 TPS. https://t.co/GrXb8OQWZo pic.twitter.com/mMTELqRnMM
A similar situation occurred with Solana in February, when its blockchain ceased block production for over five hours, causing a sharp sell-off of its native token, SOL.
Bybit, a cryptocurrency exchange, announced that it was temporarily halting TON withdrawals and deposits due to the blockchain’s instability, as reported by Wu Blockchain.
Additionally, the recent arrest of Telegram CEO Pavel Durov in France led to a sharp decline in TON’s price, even though Telegram and TON are distinct entities that are frequently used together.
Interestingly, before the block production stoppage, TON’s price had been rising over the past 24 hours, contrary to the broader market trend where other major cryptocurrencies were down by 4% or more.
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