The TON blockchain hasn't produced a new block in over three hours.
This downtime might have been a result of a new memecoin called DOGS crashing the network.
TONcoin {{TON}}, the native token of the TON blockchain, is down 5% late Wednesday, after the protocol failed to produce a block within the last three hours, according to on-chain data.
A blockchain not producing blocks for an extended period of time is concerning because it disrupts network stability, potentially leading to security risks and transaction delays. These crashes are uncommon with blockchains, but do occur during times of high network activity.
For TON, a recent airdrop of the DOGS memecoin might have been the culprit as the popularity of the token caused a surge in transactions, and some observers pointed out that the network struggled to catch up to meet demand with its transactions per seconds (TPS) coming well under what was expected.
Looks like @ton_blockchain failed stress test, as infrastructure crashes in DOGS airdrop.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
— Mikko Ohtamaa (@moo9000) August 26, 2024
Solana experienced something similar in February when the chain failed to produce new blocks for over 5 hours, leading to significant sell pressure on its native token {{SOL}}.
Bybit announced that as a result of TON's network halting block production it was temporarily suspending withdrawals and deposits citing network instability, according to a post by Wu Blockchain.
Recently the CEO of Telegram, Pavel Durov, was arrested in France which caused the price of TON to plunge. Telegram and TON are separate entities even though one is often used with the other.
Before the blockchain froze, TON's price had bucked a broader market trend, trading up over the past 24 hours while other major cryptocurrencies fell 4% or more.
