As a seasoned researcher with years of experience in the cryptocurrency and blockchain industry, I’ve witnessed firsthand the rollercoaster ride that this space can be. The recent downtime experienced by the Telegram Open Network (TON) is an unfortunate reminder of the challenges we face when trying to scale these innovative platforms.
For over three hours now, there’s been an interruption with the Telegram Open Network (TON), as no fresh transactions have been validated or blocks produced within this timeframe. This downtime started on August 28 and is suspected to be related to a spike in activity triggered by the debut of a new memecoin known as DOGS.
On X (previously known as Twitter), Tonk Inu, a community platform built on TON, highlighted an issue they encountered, pointing out that the widespread excitement over DOGS, a memecoin launched on August 27th, could be contributing to the network’s difficulties. This digital currency has since become available for trading on prominent exchanges like Binance and OKX.
In the initial ten hours, the trading volume for DOGS amounted to approximately 1.7 billion dollars, and it attained a maximum market capitalization of 891 million. Nevertheless, its price has subsequently decreased from a peak of 0.0018 dollars to roughly 0.0012 dollars, as reported by CoinMarketCap.
The shutdown of the TON network is causing worry among its members, since the latest confirmed transaction took place at block 45341899 and no fresh blocks have been produced since then.
After undergoing a rebrand on August 26, the TON Society has now joined forces with Telegram’s creator Pavel Durov, who was recently taken into custody in France. This rebranding unveiled “Resistance Dog” as the new emblem for their network, symbolizing Durov’s advocacy for free speech back in 2011.
The TON Society unveiled a “Petition Mini App” on Telegram, amassing nearly 1.5 million signatures in support of Durov’s release following his arrest. In the wake of his detention, the native token of TON has decreased by 24% and is currently valued at $5.22, experiencing a minor daily dip of 1.7%.
The instability experienced by the TON network demonstrates the potential dangers of excessive excitement around meme coins causing overload on blockchain systems. This downtime emphasizes the importance of implementing robust scaling solutions to manage sudden increases in usage.
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2024-08-28 07:32