Markets News Report
February 23, 2024

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.

Avalanche Experiences Block Finalization Stall, Investigation Underway

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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