TON activity halted twice in a single day, surpassing ten-hour downtime
cryptoslate.com 29 August 2024 01:10, UTC The Open Network (TON) is facing another block production halt after nearly six hours of downtime experienced earlier today.
According to on-chain data, the latest block was produced four hours ago.
In an X post, the official TON profile attributed the disruption to the minting of DOGS, a token distributed to Telegram users as a reward. Additionally, the post stated that users’ funds were not at risk.
TON Ventures head Ian Wittkopp shared on social media that over $550 million in DOGS was distributed to Telegram users, resulting in the largest daily active user count in TON’s history.
Despite the outage of its blockchain, TON is down by only 1% over the last 24 hours. Meanwhile, other major crypto such as Bitcoin (BTC) and Ethereum (ETH) are tanking with 4.4% and 2.1% corrections in the same period, respectively.
Significant year-to-date growth
The TON ecosystem has shown significant growth in 2024. The total value locked (TVL) on the network peaked at $1.1 billion on July 1, according to DefiLlama data.
Despite the slump in TVL registered in August, TON’s roughly $580 million in TVL is still 665% higher than it was on Jan. 1.
Moreover, TON’s year-to-date activity also grew significantly. DappRadar’s data shows that the network jumped from 95,770 unique active wallets (UAW) and 337,820 transactions on April 26 to 236,380 UAW and 497,910 transactions four months later.
The most active applications on the network are the decentralized exchange Ston Fi, with over 476,000 UAW registered over the last 30 days, and the play-and-earn game Catizen, which has shown nearly 463,000 UAW in the same period.
Notably, Catizen was responsible for propelling TON to the spot of the eighth-largest blockchain by daily average UAW, according to DappRadar. TON reached 196,000 daily average UAW last month.
These developments were reflected in TON’s year-to-date price performance. Despite the 17% crash over the past seven days, the native token of The Open Network currently holds a 134% year-to-date increase after reaching a peak of 250% growth on June 14.
