The Telegram Open Network (TON) has experienced a significant disruption, with the network halting the validation of new transactions for over three hours. This outage, attributed to a surge in activity surrounding the newly launched DOGS memecoin, has raised concerns about the network’s stability and resilience.
The TON community platform Tonk Inu reported that the network overload caused by the DOGS memecoin frenzy overwhelmed validators, leading to a loss of consensus. This disruption prevented the network from producing new blocks, resulting in a temporary halt of transactions.
The outage prompted Bybit, a major cryptocurrency exchange, to suspend deposits and withdrawals to the TON network until normal operations were restored. This suspension highlights the interconnectedness of the cryptocurrency ecosystem and the potential ripple effects of network disruptions.
The TON Foundation has acknowledged the outage and is working to restore network functionality. Justin, a member of the foundation, stated that validators would be called upon to restart at 4:00 UTC to re-establish consensus and resume normal operations.
The launch of the DOGS memecoin on TON played a significant role in the network’s overload. Within the first 10 hours of its launch, DOGS witnessed a trading volume of $1.7 billion and reached a peak market capitalization of $891 million. This surge in activity overwhelmed the TON network, leading to the outage.
Support for Pavel Durov
The outage coincided with the arrest of Pavel Durov, the founder of Telegram, in France. The TON community has rallied behind Durov, expressing their support for his release and emphasizing the importance of freedom of expression and privacy.
The TON Society launched an “Open Letter Mini App” on Telegram, urging French authorities to release Durov and allow Telegram to continue protecting user privacy. The campaign has garnered significant support, with over 1.48 million signatures at the time of writing.
The TON network outage highlights the challenges and risks associated with the rapid growth and adoption of memecoins. While the DOGS memecoin frenzy contributed to the network’s overload, the incident also underscores the need for robust infrastructure and scalability to handle increased demand.
As the cryptocurrency ecosystem continues to evolve, it is essential to address the challenges posed by network congestion and ensure the stability and resilience of blockchain platforms.
