The Open Community—the Telegram-linked blockchain behind Toncoin (TON), the tenth largest cryptocurrency by market cap—is down for the second time in 24 hours, failing to provide blocks for over three hours as of this writing. And the difficulty is being blamed on a meme coin.
Canines (DOGS), a brand new cryptocurrency minted on TON, is widespread—and is now within the prime 100 largest cash and tokens by market cap, in accordance to CoinGecko. Its worth at present stands at $0.00145, with practically $1.9 billion price of buying and selling quantity during the last day.
The token launched on Monday with an airdrop declare opened to 10 million customers of a Telegram-based mini app. However hype across the launch put pressure on TON, resulting in congestion and at last collapse: The community went down late Tuesday and stopped processing transactions for hours.
A TON spokesperson instructed Decrypt that the whole lot was again to regular on Wednesday morning, and confirmed that the DOGS token declare was at fault for the community points. However now, as of this writing, the chain hasn’t processed blocks in additional than three hours. Community representatives initially referred to as out block manufacturing points shortly after 1pm ET.
“Block manufacturing points started at 19:19 UTC. The disruption seems to be as a consequence of heavy load attributed to DOGS token minting. TON Core is engaged on an answer,” the community’s official account tweeted. “We’ll proceed to replace you on the scenario because it evolves. Consumer crypto belongings aren’t in danger.”
Block manufacturing on TON experiencing additional disruption
Block manufacturing points started at 19:19 UTC. The disruption seems to be as a consequence of heavy load attributed to DOGS token minting. TON Core is engaged on an answer.
We’ll proceed to replace you on the scenario because it evolves.…
— TON 💎 (@ton_blockchain) August 28, 2024
A brand new TON Standing account on Twitter, which was reshared by the principle TON account, requested community validators to replace their nodes forward of a restart.
TON has additionally been hit onerous by the information that encrypted messaging app Telegram’s CEO and co-founder was lately arrested. French authorities arrested Pavel Durov outdoors of Paris late Saturday, alleging that he’d didn’t reasonable prison exercise on the favored privacy-centric messaging platform.
The Russian-born Durov was taken out of custody Wednesday and moved to a courtroom for questioning, in keeping with reviews. Telegram initially developed TON, however deserted the challenge in 2020 amid regulatory scrutiny—at which level neighborhood builders continued to construct the ecosystem and evolve the know-how.
Telegram is unbiased from TON, however the cryptocurrency is widespread with the platform’s customers—content material creators on Telegram can earn the coin and ship it to others throughout the app. Telegram can also be utilizing TON now to share advert income with channel house owners, and launched an off-chain foreign money referred to as Stars that’s related with TON.
Meme cash and tokens are an enormous a part of the crypto ecosystem, however are extremely risky belongings that disappear typically as rapidly as they’re minted into existence. They’re usually primarily based on web jokes—significantly dog-based memes—and widespread with these eager to make fast returns.
DOGS is at present the second-largest meme coin minted on TON (primarily based on market cap) after Notcoin (NOT), the token of the favored Telegram tap-to-earn recreation from earlier this 12 months.
Edited by Andrew Hayward
