Hassan Maishera
TL;DR
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The TON blockchain has practically slowed to a halt as it was processing 1 transaction per second.
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The launch of TON Ordinals earlier this week resulted in network congestion.
TON Network Suffers Congestion
The Open Network blockchain saw long delays in transaction processing earlier this week following the launch of the Bitcoin Ordinals-inspired protocol.
The launch of the protocol resulted in a spike in activity on the blockchain. The congestion issues began on Tuesday after the protocol was launched on Monday. According to data obtained from dTON, by yesterday afternoon, there were more than 2.5 million pending transactions on the network.
The network processing speed declined massively to 1 transaction per second, according to dTON. This was far below the previously reported 100,000 TPS during a "public stress test" carried out last month.
Following the congestion, the most popular wallets for the TON cryptocurrency, Wallet and Tonkeeper, temporarily paused services to their customers.
The congestion was caused by the launch of Tonano, a service for creating blockchain inscriptions inspired by Bitcoin Ordinals. The protocol uses the TON20 token standard on the TON blockchain.
Tonano launched on Monday but halted minting on Thursday following a spike in activity.
TON, the native coin of the Open Network has lost 1% of its value over the last 24 hours. At press time, the coin is trading at $2.28 and is currently the 15th-largest cryptocurrency by market cap.
