Toncoin halted: 3-hour network outage causes price and volume dip

• TON was shut down for nearly three hours as block manufacturing reportedly stopped as a consequence of congestion.
• Assessing the affect of downtime on the community.

Tonmint [TON] has undoubtedly been one of many quickest rising networks and its runtime has been impeccable thus far. New studies point out that the community skilled its first downtime incident this morning.

Preliminary studies discovered utilizing Tonscan present that block era on Ton stopped for nearly three hours. One of many TON Basis members revealed that the downtime was brought on by an overload of transactions, primarily involving DOGS.

The downtime resulted within the suspension of deposits and withdrawals by way of TON by a number of exchanges. This consists of Binance and ByBit.

The downtime reportedly induced a lack of consensus amongst validators. Because of this validators should restart the community to get issues shifting once more. TON had already finished that the problem solved and restored community operations on the time of writing.

Evaluation of the affect on Toncoin and consumer confidence

Whereas community outages could trigger some lack of belief amongst customers, TON’s fast response and community restoration can mitigate any breach of belief.

The fast response and community restoration additionally downplayed the severity of the incident.

TON now joins Solana, which additionally has a historical past of downtime. The community has seen strong quantity development up to now, with exponential development occurring since late February.

TON’s highest every day transaction quantity peaked at $11.31 billion in July. Since then, development has slowed, with quantity averaging $7.81 billion on Monday.

The downtime incident could have had a notable affect on total quantity, because it fell to $163.18 million within the final 24 hours.

Supply: IntoTheBlock

Community congestion is usually the basis reason behind most community outage incidents. So let’s examine how busy TON has been in that regard.

Information from the chain reveals that energetic addresses have fluctuated between 500,000 and 1.6 million addresses over the previous three months.

Deal with exercise has grown exponentially over the previous 5 days. The variety of energetic addresses grew from 611,000 on August 22 to 2.23 million addresses on August 26.

Supply: IntoTheBlock

The variety of new addresses elevated from 187,000 to 1.1 million addresses in the identical interval. This lends credence to the declare that transaction overload could have triggered the community outage incident.

Learn Toncoin [TON] Value forecast 2024 -2025

Toncoin retested its August lows after falling as a lot as 26% over the weekend. It fell 2.98% over the previous 24 hours to a press-time worth of $5.25.

Supply: TradingView

It stays unclear whether or not the downtime incident will affect demand for Toncoin within the quick time period. Particularly now that the community is operational once more.