Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Aptos Network experienced a network snag that lasted for more than five hours Wednesday, Oct. 18.
What Happened: According to Decrypt, ythe outage occurred while the network hosted a mass drawing application to celebrate its one-year anniversary and trended the Aptos One hashtag on social media platforms.
Find out more on Aptos and how it has emerged as a trending token among investors. Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!
Aptos took to X to inform the community of the same.
Your energy for Aptos One was so electric, you cut the lights!What that means at the moment is that transactions on the network have been impacted. We are working diligently to resolve the issue and will keep you updated upon completion.
— Aptos (@Aptos_Network) October 19, 2023
Normal operations resumed after five hours as the Aptos team worked diligently towards resolving the issue.
Read Next: Bitcoin Soars Past $30,000; Aptos Emerges As Top Gainer
Why It Matters: Aptos is a venture capital-backed project launched in October 2022 and built by former Meta employees' crypto project Libra. The mainnet is yet to deliver its promised speed of up to 160,000 transactions per second (TPS) compared to 55.47 TPS currently implying 302.7 million transactions, based on Aptoscan data.
The outage led to a rise in Aptos’s transaction fees from around 0.2 APT worth $1 to 1.72 APT worth $8.58 when the shutdown happened. Cryptocurrency exchanges, Upbit and OKX halted deposits and withdrawals of Aptos Network tokens on their platforms for a brief period.
Price Action: At 7:20 ET, the price of the APT token dropped to $4.84 (its 24-hour low point) and then managed to recover to currently trade at $5. With a current market cap of $1.22 billion, the past 24-hours trading volume stands at $68.1 million, based on CoinGecko data.
Benzinga's Future of Digital Assets conference is scheduled for Nov. 14. Attend and learn more about how network outages impact token prices and users' confidence. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.
The network’s significant achievements in the past year mark a Microsoft partnership and processing more than 300 million transactions. Also, its community minted over 2 million NFTs on the network.
In prior similar instances of outages, Coinbase Layer-2 network Base suffered its first major outage in September since its launch in the prior month.
Image: Pixabay
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