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First Mover Americas: TON Blockchain Resumes After 6-Hour Outage
The latest price moves in crypto markets in context for Aug. 28, 2024.
Updated Aug 28, 2024, 9:07 p.m. Published Aug 28, 2024, 12:05 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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The TON blockchain resumed activity after a nearly six-hour outage caused by a surge in network traffic. An airdrop of the DOGS memecoin might have been the culprit as the popularity of the token caused a jump in transactions. Some observers pointed out that the network struggled to meet demand, with transactions per second coming well under what was expected. Bybit temporarily suspended withdrawals and deposits because of the outage, citing network instability, according to a post on X by Wu Blockchain. The outage saw TON’s native token, toncoin, fall as low as $5.13, a drop of 9% from the $5.65 it was trading at beforehand.
Read More: Telegram-Linked TON Blockchain Suffers Second Outage
TON's toncoin token trimmed some of its losses to outperform the broader digital asset market following the blockchain's restart. TON is 2% higher in the last 24 hours, trading around $5.51. Though the downtime was partially blamed on the popularity of the DOGS airdrop, the token showed some resilience following the resumption of activity. DOGS was airdropped by the Ton Foundation to raise awareness for what it believes is the unjust arrest of Telegram CEO Pavel Durov. Telegram and TON are separate entities even though one is often used with the other.
DeFi lender MakerDAO rebranded to “Sky” as part of its ongoing revamp. The protocol, which has $7 billion of assets, will also introduce new versions of its $5 billion stablecoin (DAI) and its governance token (MKR): the USDS stablecoin and the SKY governance token. DAI and MKR will stay in circulation unchanged, with the new tokens existing in parallel. Token holders will be able to exchange DAI tokens 1:1 for USDS, while each MKR token can be swapped for 28,000 SKY tokens. The new tokens will be issued on Sept. 18, and holders can choose to keep the old tokens or exchange for the new ones.
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Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
