TON faced a 3-hour outage after DOGS memecoin surge, halting transactions & block production.
Validators on TON lost consensus due to DOGS activity surge after the network went down.
Following a network outage from DOGS memecoin launch, TON has resumed normal production.
The Telegram Open Network (TON) has faced significant disruption, remaining down for more than three hours after a surge in transactions caused by the launch of the DOGS memecoin. The outage, which began on August 28, halted new transactions and block production, sparking concerns across the network. The memecoin, DOGS, gained traction rapidly after its launch on August 27, quickly becoming available on major exchanges like Binance and OKX.
Validator Consensus Issues
The sudden rise of DOGS led to immense pressure on TONâs infrastructure, resulting in validators struggling to maintain consensus. The last confirmed transaction took place in block 45341899, after which no new blocks were produced. Tonscan, a blockchain tracker, confirmed that the network had not generated any blocks for nearly three hours, with the most recent block appearing at 06:11:46 UTC+8.
Bybit suspended deposits and withdrawals in response to the instability. The TON Foundation explained that the surge in DOGS-related transactions overloaded the networkâs garbage collection processes, causing many validators to lose consensus. The foundation plans to restore consensus by calling upon validators to restart at 4:00 UTC with specific flags to address the issue.
@cburniske
+ Network overload dud to $DOGS txs overload
+ Garbage collection overloaded many of validators for enough time for them to lose consensus
+ To restore consensus validators will be called upon to restart at 4:00 UTC on/around same time with specific flags
â Justin (@maverickqe) August 28, 2024
Memecoin Hype and Market Response
DOGS quickly made an impact within its first ten hours, achieving a trading volume of $1.7 billion and reaching a market cap of $891 million. However, its price has since dropped from $0.0018 to approximately $0.0012.Â
French Gov Sites Hacked Following the Arrest of Telegram CEO
This event comes shortly after the TON Society rebranded on August 26, aligning with Telegram creator Pavel Durov, who was recently arrested in France. As part of the rebranding, TON introduced the âResistance Dogâ symbol and launched an âOpen Letter Mini Appâ on Telegram, gathering over 1.48 million signatures in support of Durovâs release. However, despite these efforts, TONâs native token has dropped by 19% in the past week, trading at $5.35 at press time.
However, after all these disruptions, the network came back online, restoring transactions and block generation. Following the resumption of activity, TONâs native token has seen some recovery, with its percentage loss decreasing over the past week.
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