he Telegram Open Network (TON) experienced an outage that stopped block production for over six hours, which was unprecedented for the network and thought to be caused by very high transaction activity from the DOGS memecoin.
TON Network Has Unplanned Outage
The TON network immediately stopped validation on new transactions and ceased block production for more than six hours. The most recent block produced prior to the outage was block number 45341899.
Tonscan, which is a network tracker that monitors TON performance, confirmed this outage occurred due to the overwhelming amount of transactions caused by the new DOGS memecoin that led the validator nodes to lose consensus.
This began overnight on August 27, after the DOGS memecoin launched. During the first 10 hours of the meme launch, DOGS traded approximately $1.7 billion in volume, resulting in a peak market cap of $891 million.
This sudden surge in activity created a massive overload on the TON Network, which caused the validators to lose consensus, and as a result, the network could not produce any new blocks. The memecoin’s price jumped to $0.0018 before settling a little below $0.0013.
Attempting to Restore Network Functionality
Justin from the TON Foundation noted that the overload from DOGS transactions caused the issue. As a precaution, cryptocurrency exchanges Binance and ByBit stopped any TON-related transactions until the network stabilized.
Network Update
The TON ecosystem has successfully returned online. As per Steveyun, the President of the TON Foundation, the platform is already operating smoothly. TON is now trading at $5.34, while DOGS is trading at $0.001231. DOGS is down 4.4% since yesterday.
