TON Blockchain Grinds to a Standstill With No Blocks Produced for Over 3 Hours

As a seasoned crypto investor with a few battle scars and war stories to tell, I can’t help but feel a sense of deja vu when I see TON‘s network halt block production for over three hours. It reminds me of Solana’s fateful day in February, when the chain went dark for an extended period, causing widespread panic among investors.As a researcher studying the TON blockchain, I observed a 5% drop in the value of TONcoin (TON), its native token, towards the end of Wednesday. This decline appears to be linked to an issue within the protocol, as no blocks were generated by the network during the previous three hours, based on my analysis of on-chain data.

It’s possible that the recent distribution of DOGS memecoin on the TON network could be the reason for the issues experienced, as the increased interest in the token led to a significant increase in transactions. However, it seems that the network had trouble keeping up with the demand, as the number of transactions per second (TPS) was significantly lower than anticipated.

As a network analyst, I recall a comparable incident that occurred with Solana back in February. The blockchain halted for more than five hours and failed to create new blocks, which subsequently triggered substantial selling pressure towards the platform’s native token, SOL.

As an analyst, I’ve recently observed a significant drop in the value of TON, following the arrest of its founder, Pavel Durov, in France. While it’s common for Telegram and TON to be associated due to their shared origin, it’s essential to note that they operate as distinct entities. This event has undeniably cast a shadow over the TON market.

Prior to the freeze of the blockchain, TON‘s price had defied the general market trend by increasing rather than decreasing. In fact, it had been trading higher during the last 24 hours, whereas most prominent cryptocurrencies experienced a drop of 4% or more over the same period.