u.today
The Avalanche blockchain has experienced a significant downtime, failing to produce new blocks for over an hour, according to PeckShield, a blockchain security and data analytics company.
The Avalanche developers have already acknowledged the issue, stating that they are actively investigating block finalization issues on the mainnet.
The team has directed users to the official Avalanche status page for ongoing updates.
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
Despite the unexpected downtime, the AVAX token experienced only a minor price drop, shedding about 2.1% of its price. The token is currently trading at $36.24, according to CoinGecko data.
This price drop aligns with the broader altcoin market, meaning that AVAX has been hardly affected by the network experiencing more than an hour of downtime.
Solana, another major blockchain network known for its high throughput and low latency, experienced a similar outage two weeks ago, lasting approximately five hours. The incident led to a temporary dip in Solana's SOL token price, though it notably rebounded shortly thereafter.