| Cryptocurrency | Price (USDT) |
|---|---|
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| ETH | $2456.0490000000 |
| BNB | $650.7501300000 |
| XRP | $2.1947470000 |
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| LINK | $13.4917500000 |
Category: CRYPTO NEWS
The post TONcoin Faces 5% Drop as Network Stability Disrupted by Block Production Halt appeared on BitcoinEthereumNews.com. TONcoin (TON), the native cryptocurrency of the TON blockchain, has encountered significant turbulence recently, demonstrating a 5% decline. This downturn is attributed to the blockchain failing to produce a block for over three hours, as evidenced by on-chain analysis. Such network interruptions are rare but reflect severe operational challenges, raising alarms about the overall integrity and security of the blockchain. An abrupt 5% fall in TONcoin prompts discussions on blockchain stability following a recent block production halt. Recent Block Production Failures Raise Network Stability Concerns The TON blockchain’s recent failure to produce blocks has led to intensified scrutiny regarding its network reliability. According to on-chain data, the disruption lasted more than three hours, which can significantly impact transaction processes and user confidence. Such events are alarming as they can escalate into larger security vulnerabilities and interrupted services for users who rely on the network for smooth transaction execution. Potential Causes Behind the Network Disruption Industry experts suggest that this temporary outage might be closely linked to a recent airdrop involving the emerging DOGS memecoin. With a surge in transaction volume spurred by the airdrop’s popularity, the TON blockchain seemingly struggled to maintain its expected throughput. In fact, the throughput, measured by transactions per second (TPS), fell drastically below operational expectations, indicating a possible strain on the blockchain’s infrastructure. This resembles past incidents in other networks, such as Solana, which faced a similar challenge in February 2023 when block production ceased for over five hours, resulting in notable sell pressure on the SOL token. Impacts on Exchanges and Traders In reaction to the network halt, prominent cryptocurrency exchange Bybit announced the temporary suspension of withdrawals and deposits for TON, citing the instability of the blockchain. This move reflects prudent risk management practices by exchanges, prioritizing the safety of trader assets and…
2024-08-28T02:25:33+00:00