The Open Network (TON), a third-party blockchain protocol integrated into Telegram, has resumed operations after experiencing two significant outages within a span of 36 hours.
On August 29, at 1:37 AM UTC, the TON Community announced via their official Telegram channel that the network restored services after going offline at 7:19 PM UTC on August 28.
“TON network is fully operational!” the TON Community confirmed, adding that TON-based asset withdrawals and deposits would be processed in the coming hours and days.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
The first outage occurred at 11:00 PM UTC on August 27, halting block production for about six hours. The network was restored by 5:30 AM UTC on August 28 but went down again just over 12 hours later. In total, the TON network experienced more than 12 hours of downtime over the past day and a half.
The TON Community attributed the outages to a sudden surge in network traffic, driven by the launch of the new TON-based memecoin called Dogs (DOGS). The token was inspired by Spotty, a mascot based on the pet dog of Pavel Durov, the founder and CEO of Telegram.
The trading volume of the token surpassed $2 billion in less than a day, causing massive congestion on TON.
The outages have also impacted Toncoin, TON’s native token, as its price has dropped by 14.25% over the past week.
This decrease was further influenced by Durov’s arrest in France on August 24, who has now been charged with multiple crimes related to his role at Telegram and released on bail.
As TON works to stabilize its operations, the community will be keen to see how the network handles similar challenges in the future.
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.
