The Telegram Open Network (TON) has halted the production of new blocks, leading to a significant disruption in transaction validation. This outage, which has persisted for over three hours, follows a surge in trading activity linked to a newly launched memecoin called DOGS.
Network Overload and Transaction Halt
On August 28, Tonk Inu, a TON-based community platform, reported that the network had experienced an ongoing outage, attributing the issue to overwhelming market hype surrounding DOGS. According to Tonscan, a TON network tracker, the last successfully processed transaction occurred in block 45341899, after which no new blocks were produced.
As a result of the network instability, cryptocurrency exchange ByBit temporarily suspended all deposits and withdrawals involving TON until the network returned to normal.
Cause and Response to the Outage
Justin, a member of the TON Foundation, stated that the outage was caused by a “network overload” due to the high volume of DOGS transactions. The intense activity overwhelmed the TON validators, causing them to lose consensus. To address the issue, Justin mentioned that validators would be called upon to restart at 4:00 UTC to restore network functionality.
Despite attempts to reach out, TON representatives did not immediately respond for further comments.
Also Read: Reports Suggest Telegram CEO Pavel Durov Arrested in France
The Rise of DOGS Memecoin
The DOGS memecoin launched on the TON network on August 27, quickly attracting significant attention. The token, now listed on major exchanges like Binance and OKX, recorded $1.7 billion in trading volume within its first ten hours. Its market capitalization soared to a peak of $891 million, while the token’s price hit $0.0018 before stabilizing at around $0.0013, according to CoinMarketCap.
TON’s Rebranding and Recent Developments
The launch of DOGS coincides with a recent rebrand by the TON Society on August 26, which was done to show support for Telegram founder Pavel Durov, who was recently detained in France. The rebranding effort included updating Toncoin’s logo and community profile pictures to feature the “Resistance Dog,” a symbol tied to Durov’s defiance against censorship in 2011.
The TON Society also launched an “Open Letter Mini App” on the Telegram platform, urging French authorities to release Durov and uphold the principles of free speech and privacy. As of now, the letter has garnered 1.48 million signatures.
In related news, the value of Toncoin has dropped by 24% since Durov’s arrest, currently trading down 1.7% on the day at $5.22.
