Rapid Growth Leads to TON Blockchain Outages
Recently, the Open Network (TON), connected with Telegram, faced significant disruptions as a new memecoin named DOGS gained immense popularity. Here are the key details:
- The network experienced two outages within 36 hours due to the surge in DOGS activity
- DOGS saw a 34% price increase, reaching a market cap exceeding $800 million
- Technical issues arose on crypto exchanges and the Telegram Wallet due to DOGS launch
- TON network processed over 20 million transactions in two days, leading to overload
- DOGS became the top gainer among the top 100 cryptocurrencies within 24 hours
During recent days, the Open Network (TON), which is closely linked with Telegram, encountered significant disruptions as a result of a sudden surge in popularity of a new memecoin called DOGS.
The network faced two major outages in less than 36 hours, with both interruptions directly linked to the increased interest and activity surrounding the DOGS token.
DOGS, a memecoin built on TON blockchain, is themed around a dog mascot named “Spotty,”
The project announced a large airdrop and listings on major cryptocurrency exchanges such as Binance, OKX, and Bybit.
This rapid surge in user activity caused technical issues for multiple crypto exchanges and temporarily disrupted the exchange feature of Telegram Wallet.
Within a span of just two days, the TON network processed over 20 million transactions, resulting in what the TON Foundation described as “garbage collection overloading many of the validators, causing them to lose consensus.”
The first outage occurred on August 27 and lasted for around six hours, while the second outage on August 28 extended beyond six hours.
Despite facing these technical hurdles and a broader market decline, the DOGS token experienced a noteworthy surge of 34% in price, pushing its market cap over $800 million. This performance made DOGS the top gainer among the top 100 cryptocurrencies within a 24-hour period.
The DOGS airdrop allocated 440 billion tokens from the total supply of 550 billion to eligible users. The distribution included 81.5% for the community, with 73% set aside for “Telegram OGs,” 4.5% for traders and content creators, 10% for the project team and future development, and 8.5% for liquidity on centralized and decentralized exchanges.
The launch of DOGS resulted in significant congestion, with the token accumulating over $1.7 billion in trading volume within the initial 10 hours of its launch.
The official Dogs channel on Telegram gathered nearly 17 million subscribers in less than two months since the token’s proposal.
These events unfolded amidst recent incidents involving Pavel Durov, the CEO of Telegram.
French authorities arrested Durov near Paris, accusing him of failing to moderate criminal activities on the messaging platform. Subsequently, Durov was shifted from custody to a court for further questioning.
Although originally tied to TON development, the company abandoned the project in 2020 due to regulatory scrutiny. However, community developers have continued to enhance and expand the ecosystem.
While Telegram remains unconnected to TON, the cryptocurrency has gained popularity among the platform’s users, and Telegram has incorporated some TON-based features into its application.
Hot Take: Balancing Growth with Stability
As the crypto space witnesses rapid growth and unprecedented demand, ensuring the stability and resilience of blockchain networks becomes crucial. The recent events surrounding the TON blockchain and the DOGS token serve as a reminder of the delicate balance between user adoption, technical capacity, and network reliability. Stay informed and vigilant as you navigate through the evolving landscape of cryptocurrencies.
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