On February 23rd, the Avalanche ecosystem suspended block production. The C-Chain main network stopped processing transactions at 11:13 UTC (+3 hours Moscow time).
Later, everyone was affected by the failure of the Numbers subnet, which stopped after about 50 minutes.
Kevin Seknicki, co-founder of the company behind the project, Ava Labs, confirmed:
Investigating Avalanche primary network block production issue right now. Seems to be related to a new inscription wave launched about an hour ago.
— Kevin Sekniqi 🔺 (@kevinsekniqi) February 23, 2024
According to his assumption, the matter is in “some esoteric bug” from the category borderline cases.
In response to a comment that this should not happen with blockchain software, Seknicki admitted:
The price of the AVAX token responded to the incident with a slight drop – by about 1% over the last hour (CoinGecko). The asset is trading at around $36.3. Over the week, quotes decreased by 12%, but the coin remains 10th in the ranking in terms of capitalization.
The project team launched an analogue of Ordinals in C-Chain in November 2023. Against this backdrop, the volume of blockchain transactions on the network jumped 10 times higher than the historical average. “Inscriptions” accounted for up to 95% of on-chain transactions.
As a result, this resulted in a record amount of AVAX being burned in fees – $1.8 million in one week.
Source: Cryptocurrency
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