The Open Network (TON) experienced a significant disruption in activity, with two halts occurring in a single day, resulting in a total downtime of over ten hours. This unexpected turn of events has raised concerns among users and investors, as the network struggled to maintain its block production amidst a surge in network activity.
The first halt in TON activity lasted nearly six hours, causing a delay in block production. Following this initial downtime, the network encountered yet another obstacle, leading to an additional four-hour disruption. The prolonged downtime was attributed to an overload of network activity, which hampered the blockchain’s ability to produce blocks effectively.
As a result of these halts, the latest block was produced four hours ago, marking a significant delay in TON’s block production schedule. The official TON profile acknowledged the disruption and pointed to the minting of DOGS, a token distributed to Telegram users as a reward, as the primary cause of the network overload. However, the post reassured users that their funds were not at risk despite the temporary disruption in activity.
In response to the distribution of over $550 million in DOGS to Telegram users, TON Ventures head Ian Wittkopp noted that this event had led to the largest daily active user count in TON’s history. Despite the outage of its blockchain, TON’s performance only saw a marginal decline of 1% over the last 24 hours. In comparison, other major cryptocurrencies such as Bitcoin and Ethereum experienced more significant corrections of 4.4% and 2.1%, respectively, during the same period.
Despite the recent challenges faced by TON, the network has shown remarkable growth throughout 2024. The total value locked (TVL) on the network reached a peak of $1.1 billion on July 1, according to DefiLlama data. While there was a slight decline in TVL in August, TON’s current TVL of approximately $580 million still represents a 665% increase from the beginning of the year.
Moreover, TON’s year-to-date activity has seen substantial growth, with the network experiencing a surge in unique active wallets (UAW) and transactions. DappRadar data indicates that TON’s UAW and transaction volume have more than doubled in the past four months, reflecting the network’s increasing popularity among users.
In terms of applications, the decentralized exchange Ston Fi and the play-and-earn game Catizen have emerged as the most active platforms on the TON network. Ston Fi has attracted over 476,000 unique active wallets in the last 30 days, while Catizen has garnered nearly 463,000 UAW during the same period. Notably, Catizen played a pivotal role in positioning TON as the eighth-largest blockchain by daily average UAW, with the network reaching 196,000 daily average UAW last month.
These developments have also been reflected in TON’s price performance, with the native token of The Open Network experiencing a 134% year-to-date increase despite a recent 17% decline over the past week. The token reached a peak of 250% growth on June 14, underscoring the network’s resilience and potential for long-term growth.
In conclusion, while the recent halts in TON activity have raised concerns among users and investors, the network’s overall performance and growth trajectory remain strong. With a robust ecosystem of applications and a dedicated user base, TON continues to solidify its position in the cryptocurrency market and is poised for further expansion in the future.
