The Telegram Open Network (TON) has come to a standstill, leaving the blockchain community in suspense. On August 28, the TON-based platform Tonk Inu revealed that the network had not validated any new transactions or produced blocks for over three hours, raising concerns about the network’s stability.
The last recorded block, numbered 45341899, was confirmed hours ago, with no new blocks generated since. Tonscan, a TON network tracker, confirmed the disruption, while the crypto exchange ByBit announced it had suspended all deposits and withdrawals related to TON until further notice, citing “network instability.”
DOGS Memecoin Overload
According to Justin, a member of the TON Foundation, the root cause of the outage is a “network overload” triggered by the frenzied trading of a newly launched memecoin called DOGS. The token, which debuted on the TON network just a day earlier on August 27, immediately attracted massive attention. Within the first ten hours, DOGS saw a staggering $1.7 billion in trading volume and reached a peak market capitalization of $891 million.
However, this surge in activity overwhelmed TON validators, causing them to lose consensus. Justin assured the community that steps were being taken to restore the network, with validators scheduled to restart at 4:00 UTC.
The Impact of DOGS on TON
The DOGS memecoin’s launch on TON has been nothing short of explosive. Initially priced at $0.0018, the token has since settled around $0.0013, according to CoinMarketCap. The overwhelming volume of transactions not only underscores the memecoin’s immediate popularity but also highlights the limitations of the TON network under such stress.
This latest memecoin craze follows closely on the heels of an official rebranding by the TON Society on August 26. The rebrand, aimed at supporting Telegram creator Pavel Durov, who was recently detained in France, saw Toncoin’s logo and profile pictures updated to feature the “Resistance Dog,” a symbol of digital resistance and free speech inspired by Durov’s defiance against censorship in 2011.
A Network in Crisis
The TON network’s outage comes at a critical time, as its native token, TON, has already seen a 24% drop in value since Durov’s arrest, with further declines expected. At the time of writing, TON was trading at $5.22, down 1.7% on the day.
As the network struggles to regain stability, the incident serves as a stark reminder of the challenges facing even the most promising blockchain platforms in an increasingly volatile market. The TON Foundation’s response in the coming hours will be crucial in determining the network’s future and its ability to handle the growing demands of a rapidly evolving crypto landscape.
For now, the TON community watches and waits, hoping that the network will soon return to normalcy and resume its role as a leading platform for decentralized applications and digital assets.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
