- The core team supporting the network assured users that crypto assets were safe and unaffected.
TON rose to a local high of $5.98 after Telegram founder was released from pre-trial detention.
As an analyst with over a decade of experience in the crypto market, I’ve seen my fair share of network outages and price volatility. The recent incidents with TON are certainly cause for concern, particularly given its association with Telegram. The second outage in as many days, attributed to a surge in traffic due to meme coin activity, raises questions about the network’s ability to maintain consistent performance under stress.
On the night of August 28th, there was a second instance of network downtime experienced by the Toncoin [TON] blockchain, linked to Telegram. This incident halted block creation for a duration of four hours.
The occurrence, being the second within two days, ignited worries on social platforms, with users expressing doubts about the service’s dependability as its user base expands.
Surge in traffic cause for second disruption
This past week, the TON blockchain encountered problems related to block production that resulted in a six-hour halt on August 27th.
Earlier this week’s incident can be traced back to a massive influx of transactions associated with the DOGS meme coin airdrop, causing the network to become congested and leading to a breakdown in agreement among validators (losing consensus).
At the given point in time, The Open Network stated, “Multiple validators have encountered difficulties in clearing outdated transaction data from the system, resulting in a loss of consensus. However, please be reassured that your transactions will still be processed and no cryptocurrency assets will be lost due to this issue.”
Through a status update shared on X (Twitter), TON developers said the latest incident likely resulted from a similar heavy transaction load on the network by DOGS meme coin minting.
In a separate announcement, the developers encouraged the primary network verifiers (mainnet validators) to install updates and reboot their systems.
Following the recent crash of TON, it was reported that the issue has since been addressed, according to a post made on the official TON community channel on Telegram.
“The TON network is now up and running! Transactions involving TON assets, such as deposits and withdrawals, in your wallet should be processed shortly.”
According to Tonscan’s block explorer, it appears that the chain is operational and new blocks are continuously being added.
The recurring interruptions in service suggest doubts about the TON blockchain’s capacity to deliver stable operation, particularly during challenging conditions.
Network reliability is critical for attracting a huge user base, and repeated outages can undermine confidence among users, as has been the case for Solana in the past.
The rising trend of meme coins on Telegram and the forthcoming debut of the HMSTR token from Hamster Kombat in September might put additional pressure on the network’s capacity.
TON/USD price analysis
In the middle of June, Toncoin (TON), the token associated with the Telegram Open Network, hit a record peak of $8.24. However, over the past three months, it has experienced a substantial drop in value, mirroring the general trend of the overall crypto market decline.
In simple terms, despite the recent downtime, the value of TON had increased by 4.76% over the past day when this text was penned.
Despite a drop of 13.65% over the past week following the news about the detention of Telegram founder, Pavel Durov, TON remains unimpressed in value.
On August 28th, I found myself standing before a French court, facing multiple accusations. Fortunately, the judge granted me conditional release.
Despite encountering several hurdles in the short term, regaining the price level of $7.26 might set TON up for a promising trajectory that lies beyond this value.
On Wednesday, TON reached a peak price of $5.98 on Binance following news about Durov’s release from detention. However, its price has since dropped to $5.60 as of the time this article was published.
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2024-08-29 14:16