The Avalanche blockchain faced a major issue recently, with PeckShield, a company specializing in blockchain security and data analytics, reporting that it failed to produce new blocks for more than an hour.
The Avalanche developers have acknowledged the problem and are currently investigating issues with block finalization on the mainnet.
Avalanche Blockchain Downtime: Response and Impact
The team behind Avalanche has directed users to the official Avalanche status page for ongoing updates regarding the significant downtime experienced by the blockchain. Ömer Demirel, director at Avalanche, described the incident as a clear reminder of Avalanche’s vulnerability.
Developers across the community are currently investigating block finalization issues on mainnet. Please visit https://t.co/A5cCGIIGkt for updates.
— Avalanche Developers 🔺 (@AvaxDevelopers) February 23, 2024
The downtime has drawn attention to ACP-13, also known as subnet-only validators, which is a proposed solution to enhance the network’s resilience. This proposal aims to empower subnets to operate independently from primary network validation duties.
Today's outage is a good example of why we need ACP-13 (Subnet-Only Validators), which will improve the Avalanche network's fault tolerance by relieving subnets from primary network validation duty.
Details for the curious: https://t.co/BzOU5Bjuzr
— :omer (@demirelo) February 23, 2024
Despite the unexpected downtime, the AVAX token only experienced a minor price drop, losing approximately 2.1% of its value. As per CoinGecko data, the token is currently trading at $36.24.
Altcoin Market Resilience: AVAX and Solana Downtime Comparison
Despite experiencing over an hour of downtime, the AVAX token’s minor price drop aligns with the broader movement in the altcoin market. This indicates that AVAX was relatively unaffected by the network disruption.
Solana, another prominent blockchain network recognized for its high throughput and low latency, faced a similar outage around two weeks ago, lasting approximately five hours. During this period, Solana’s SOL token experienced a temporary decline in price. However, it notably rebounded shortly afterward.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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