- TON was shut down for almost three hours as block production reportedly stopped due to congestion.
- Assessing the impact of downtime on the network.
Tonmint [TON] has undoubtedly been one of the fastest growing networks and its runtime has been impeccable so far. New reports indicate that the network experienced its first downtime incident this morning.
Preliminary reports found using Tonscan show that block generation on Ton stopped for almost three hours. One of the TON Foundation members revealed that the downtime was caused by an overload of transactions, mainly involving DOGS.
The downtime resulted in the suspension of deposits and withdrawals via TON by multiple exchanges. This includes Binance and ByBit.
The downtime reportedly caused a loss of consensus among validators. This means that validators will have to restart the network to get things moving again. TON had already done that the problem solved and restored network operations at the time of writing.
Assessment of the impact on Toncoin and user confidence
While network outages may cause some loss of trust among users, TON’s rapid response and network recovery can mitigate any breach of trust.
The rapid response and network recovery also downplayed the severity of the incident.
TON now joins Solana, which also has a history of downtime. The network has seen robust volume growth to date, with exponential growth occurring since late February.
TON’s highest daily transaction volume peaked at $11.31 billion in July. Since then, growth has slowed, with volume averaging $7.81 billion on Monday.
The downtime incident may have had a notable impact on overall volume, as it fell to $163.18 million in the last 24 hours.
Source: IntoTheBlock
Network congestion is typically the root cause of most network outage incidents. So let’s see how busy TON has been in that regard.
Data from the chain shows that active addresses have fluctuated between 500,000 and 1.6 million addresses over the past three months.
Address activity has grown exponentially over the past five days. The number of active addresses grew from 611,000 on August 22 to 2.23 million addresses on August 26.
Source: IntoTheBlock
The number of new addresses increased from 187,000 to 1.1 million addresses in the same period. This lends credence to the claim that transaction overload may have triggered the network outage incident.
Read Toncoin [TON] Price forecast 2024 -2025
Toncoin retested its August lows after falling as much as 26% over the weekend. It fell 2.98% over the past 24 hours to a press-time price of $5.25.
Source: TradingView
It remains unclear whether the downtime incident will impact demand for Toncoin in the short term. Especially now that the network is operational again.