- Avalanche blamed the problem on code-related bugs rather than performance handling.
- The outage gave AVAX a negative reputation.
Less than three weeks after Solana (SOL)’s network outage, another popular smart contract blockchain went down.
Avalanche falls asleep
The Avalanche (AVAX) native network halted block production for nearly five and a half hours on February 23, disrupting transaction flow. According to the blockchain status page, Avalanche developers acknowledged that trading was halted around 11:30 a.m. UTC.
Kevin Sekniqi, co-founder of Ava Labs, the creator of Avalanche, first attributed the outage to a “new wave of inscriptions” before confirming that the problem was caused by a code-related bug and was not performance-related.
A bug introduced as part of the v1.10.18 release in January caused Avalanche validators to send a large amount of useless transaction rumors to each other, causing nodes to become unresponsive.
At approximately 3:59 PM UTC, Avalanche requested validators to upgrade to v1.11.1, which fixes the aforementioned bug. The team then began monitoring and confirmed complete resolution of the incident at 5:43 PM UTC.
The incident comes weeks after a block collection issue affected real-time health monitoring of the network. This outage did not affect the chain’s performance or trading activity.
AVAX’s Response Investigation
AVAX, the ecosystem’s native token, fell slightly during development, losing 1.12% of its profits over 24 hours, according to CoinMarkeCap.
The ninth-largest cryptocurrency has been on a downward trend for more than a week. The asset has plummeted by more than 10% in the past seven days.
Although not conclusive, AVAX’s recent 9.5 million unlocks likely put downward pressure on the token. During lockdowns, markets are flooded with additional supply, which could send prices plummeting if proportionate demand is not met.
How much is 1,10,100 AVAX worth today?
According to AMBCrypto’s analysis of Santiment data, the outage gave AVAX negative publicity, with mentions of the coin surging in popular social groups.
In fact, Avalanche was the 7th most used word on social in the last 24 hours, along with keywords like “network” and “suspense.”
Source: Santiment