Avalanche suffers massive outage due to block finalization delay, AVAX price drop.
Posted: Feb 23, 2024 8:58 AM Updated: Feb 23, 2024 8:59 AM
Correction and fact check date: February 23, 2024, 8:58 AM
briefly
Avalanche is experiencing severe network outages as block finalization delays are preventing block confirmation on the underlying network.
Avalanche (AVAX), a blockchain platform developed by Ava Labs, is experiencing a “massive outage.” Delays in block finalization are preventing block approval on the primary network, and developers are currently investigating.
Block generation issues on the Avalanche mainnet are currently under investigation, according to Ava Labs co-founder Kevin Sekniqi in a post on social media platform X. This appears to be linked to a “new inscription released about an hour ago,” which may have resulted in unexpected bugs resulting from unusual scenarios.
The issue is being addressed urgently and may involve “handling some of the memory pools in the epitaph facing some untested edge cases,” Kevin Sekniqi wrote.
Afterwards, cryptocurrency exchanges such as Bithumb and Upbit temporarily suspended AVAX deposits and withdrawals in response to the suspension of blockchain block creation.
The price of Avalanche native token AVAX was trending lower, trading at $36.21. This reflects a decline of more than 1.5% over the past hour, with the stock down nearly 3% on the day and 13% for the week.
Avalanche and Solana suffer due to network outage
Launched in 2020, Avalanche is a decentralized platform designed to improve the speed, security, and efficiency of transaction processing. Avalanche’s primary goal is to advance current blockchain technology with a particular focus on improving scalability, interoperability, and usability.
Recently, Solana, a layer 1 blockchain and competitor to Avalanche, suffered an outage. Transaction activity on the network was temporarily halted and block stagnation was halted. This incident is the 11th in the past two years, with similar incidents occurring one after another throughout 2022.
The current Avalanche network outage has triggered an investigation and suspension of AVAX transactions, highlighting the current challenges in maintaining the stability of the blockchain.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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