The TON network just had a major failure during the DOGS airdrop, and it’s causing quite the stir in the crypto community. For almost three hours, the network couldn’t generate any blocks, which led to a 5% drop in Toncoin’s price. This has raised some serious questions about the reliability of the network, especially when things get hectic.

What Went Down?

The failure happened right when DOGS was being airdropped, which caused transaction volumes to skyrocket. Even with its high TPS (transactions per second), the TON blockchain couldn’t handle it. Tonscan showed that the last block was generated at 06:11:46 UTC+8 before they stopped completely. And it wasn’t just transactions; services like Telegram Wallet and several exchanges were affected too.

The Aftermath on Prices

As you can imagine, this had an immediate effect on Toncoin’s market performance. The price dropped from $5.47 to $5.15 as people panicked. Over the past few months, Toncoin has been on a downward trend, losing over 20% of its value. Trading volume also took a hit, down 30% to $701 million at the time of writing.

Community and Exchange Responses

Exchanges reacted quickly; Bybit even suspended all deposits and withdrawals through the Toncoin network. Justin from the TON Foundation explained that it was all due to excessive DOGS token transactions. Validators had to be called to restart at 4:00 UTC with specific flags just to restore consensus.

But here’s the kicker: even major exchanges like Binance and Bybit faced service issues during this airdrop! That’s gotta make you think twice about using TON for your transactions.

Broader Implications for Crypto

This incident isn’t just bad news for TON; it raises broader concerns about crypto stability in general. When networks fail like this, it makes users skeptical about their reliability. The frustration from users during this airdrop is palpable, and rightfully so!

Future of Crypto Exchanges

One thing’s for sure: after failures like this, increased regulation of crypto exchanges is likely. The International Monetary Fund (IMF) is already pushing for comprehensive policies to address risks associated with crypto assets. Stricter rules would help prevent similar disasters in the future.

Can Blockchain Networks Ever Go Mainstream?

Finally, can blockchain networks ever achieve mass adoption without compromising security and stability? The TON failure shows just how far we are from that goal.

In summary, this whole situation is a wake-up call for everyone involved in crypto—developers, investors, and users alike. If we want this space to grow, we need better security measures and scalability solutions. Otherwise, we might just be stuck in this chaotic cycle forever.

Stay safe out there!

The author does not own or have any interest in the securities discussed in the article.