Summary
TLDR: The Avalanche C-Chain, home to most DeFi projects on AVAX, experienced a major outage for over five hours, causing concern in the cryptocurrency community. The main chain had issues producing new blocks, possibly due to a bug related to inscriptions. The AVAX token has been on a downward trend, with a current price of $36.41. Developers are working to resolve the technical glitch, while traders are monitoring the coin’s volatility and potential trend changes.
Key Points
1. The Avalanche C-Chain, which hosts infrastructure for most DeFi projects on AVAX, experienced a major outage lasting for more than five hours, causing concern in the cryptocurrency community.
2. Avalanche’s main chain experienced a delay in producing new blocks, with Ava Labs co-founder Kevin Sekniqi confirming that the chain was starting to move again, but stability was still being monitored.
3. The technical glitch occurred at a challenging time for Avalanche’s native cryptocurrency, AVAX, which has seen a downward trend in market value, with the token undergoing a bearish correction and facing resistance around the $40 mark.