The Open Network (TON) is experiencing another halt in block production after nearly six hours of downtime earlier today.
According to on-chain data, the most recent block was produced four hours ago.
In a recent post, the official TON profile attributed the disruption to the creation of DOGS tokens, which were distributed to Telegram users as a reward. The post also reassured users that their funds were secure.
Ton Ventures head Ian Wittkopp shared on social media that over $550 million worth of DOGS tokens were distributed to Telegram users, resulting in the highest daily active user count in TON’s history.
Despite the blockchain outage, TON has only decreased by 1% over the past 24 hours. In contrast, other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen declines of 4.4% and 2.1% respectively during the same period.
Impressive growth this year
The TON ecosystem has shown remarkable growth in 2024. The total value locked (TVL) on the network reached a peak of $1.1 billion on July 1, according to DefiLlama data.
Despite a decrease in TVL in August, TON’s current TVL of approximately $580 million is still 665% higher than it was on Jan. 1.
Additionally, TON has experienced significant growth in activity this year. DappRadar data indicates that the network saw an increase from 95,770 unique active wallets (UAW) and 337,820 transactions on April 26 to 236,380 UAW and 497,910 transactions four months later.
The most popular applications on the network include the decentralized exchange Ston Fi, with over 476,000 UAW in the last 30 days, and the play-and-earn game Catizen, which has garnered nearly 463,000 UAW in the same timeframe.
Notably, Catizen played a key role in TON becoming the eighth-largest blockchain by daily average UAW, as reported by DappRadar. TON achieved 196,000 daily average UAW last month.
These advancements have been reflected in TON’s price performance this year. Despite a 17% decrease in the past seven days, the native token of The Open Network has seen a 134% increase year-to-date, peaking at 250% growth on June 14.