The DOGS memecoin airdrop is believed to have contributed to the surge in transactions that overloaded the network.
Key Takeaways
- TON blockchain experienced a halt in transactions due to an overload caused by the DOGS memecoin airdrop.
- Validators are urged to restart nodes to reestablish consensus on the TON network.
The Open Network (TON) is back online after a six-hour outage that began at around 10:11 p.m. UTC on Tuesday, TON said in a post on X.
TON is now producing blocks normally!
We are back online. https://t.co/iXM6kF464T pic.twitter.com/FQ6eOt9fok
— TON 💎 (@ton_blockchain) August 28, 2024
According to data from Tonscan, the TON blockchain experienced an outage, halting transaction processing for six hours. The outage was caused by an abnormal load on the network, leading to database cleaning issues for several validators. As a result, the network lost consensus, and block production ceased.
In efforts to restart the network, TON called on validators to restart their nodes with specific flags to reestablish consensus. The disruption led Binance and Bybit to temporarily suspend deposits and withdrawals linked to the network.
According to Justin, who claims to be a strategic advisor to the TON Society, the outage was primarily attributed to the DOGS memecoin airdrop. The DOGS frenzy overwhelmed the network with excessive transaction volume, leading to consensus loss, he explained.
The network’s native token, Toncoin, which saw around 18% drop over the weekend following the arrest of Telegram’s CEO, extended its correction after the outage. The price of Toncoin hit a low of $5.11 during the incident and is currently trading at $5.34, down 20% over the past week, CoinMarketCap’s data shows.