Avalanche Suffers Major Outage Due to Block Finalization Stall, AVAX Price Dips
In Brief
Avalanche is experiencing a major network outage, as block finalization stall hinders acceptance of blocks on the primary network.
Blockchain platform Avalanche (AVAX), developed by Ava Labs, is undergoing a “major outage.” The block finalization stall, hindering the acceptance of blocks on the primary network, and developers are currently conducting an investigation.
According to Kevin Sekniqi, co-founder of Ava Labs post published on social media platform X, the issue with block production on the Avalanche mainnet is currently under investigation. It appears to be linked to the “new inscription launched about an hour ago,” which may have introduced an unexpected bug stemming from unusual scenarios.
This issue is being treated with urgency, and it is supposed that it could involve “some memory pool handling of inscriptions encountering some untested edge cases,” wrote Kevin Sekniqi.
Subsequently, cryptocurrency exchanges, including Bithumb and Upbit, have temporarily halted AVAX deposits and withdrawals in response to the blockchain block generation interruption.
Avalanche native token AVAX price has seen a decline, trading at $36.21, reflecting a decrease of over 1.5% in the past hour, dropping nearly 3% on the day, and 13% over the week.
Avalanche and Solana Grapple with Network Outages
Launched in 2020, Avalanche is a decentralized platform designed to enhance the speed, security, and efficiency of transaction processing. The primary objectives of Avalanche focus on advancing current blockchain technology, with a particular emphasis on scalability, interoperability, and usability improvements.
Recently, a Layer 1 blockchain and a competitor to Avalanche, Solana, encountered an outage. Transactional activity on its network temporarily ceased, and block recession stopped. This incident followed a series of similar occurrences throughout 2022, marking the 11th instance in the past two years.
The current Avalanche network outage has prompted investigations and a halt in AVAX transactions, highlighting the current challenges in maintaining the stability of the blockchain.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
