TON Blockchain Faces Outage Amid Memecoin Frenzy, Halts Block Production

TON blockchain halted block production due to a surge in DOGS memecoin trading, leading to a network outage. Validators plan a restart to restore normal operations.

The Telegram Open Network (TON) has experienced a significant outage, halting block production for over three hours due to a surge in trading activity surrounding a new memecoin called DOGS. This unexpected disruption has raised concerns about the network's stability, leading exchanges to suspend transactions. As the TON community works to resolve the issue, the incident highlights the challenges of managing high transaction volumes on blockchain networks.

TON blockchain experiences outage amid DOGS memecoin trading surge, halting block production for hours.

Key Points:

1. TON Network Outage:

   • TON blockchain stopped producing new blocks for over three hours on Aug. 28 due to a network overload triggered by high trading activity in the DOGS memecoin.

   • The last block, 45341899, was produced before the network ceased validating new transactions.

     
     

2. Impact on Exchanges:

   • The outage prompted crypto exchange ByBit to suspend all TON-related deposits and withdrawals until the network is stabilized.

   • The disruption has highlighted the fragility of blockchain networks under extreme conditions.

     
     

3. Response from TON Foundation:

   • TON Foundation member Justin confirmed the outage resulted from validators losing consensus due to the overwhelming number of DOGS transactions.

   • A coordinated restart of the validators was scheduled for 4:00 UTC to restore network functionality.

     
     

4. DOGS Memecoin Hype:

   • DOGS, launched on Aug. 27, quickly gained traction, amassing $1.7 billion in trading volume within ten hours and briefly reaching a market cap of $891 million.

   • The memecoin's popularity contributed to the network overload, leading to the current outage.

     
     

5. Broader Context:

   • The outage follows TON Society’s rebranding and efforts to support Telegram founder Pavel Durov, who was recently detained by French authorities.

   • The TON community has rallied around the symbol of the Resistance Dog, advocating for free speech and user privacy on Telegram.

Related: TON Drops 14% After Telegram CEO Pavel Durov Arrested in France

The TON blockchain’s outage underscores the challenges that even established networks can face when overwhelmed by sudden surges in activity. As the community works to restore normal operations, the incident serves as a reminder of the need for robust infrastructure to support growing blockchain ecosystems. The memecoin frenzy around DOGS has showcased both the potential and the risks associated with rapid adoption in the crypto space.

Source: Cointelegraph