Summary
TLDR: Avalanche blockchain suffered a major outage due to a code-related bug causing nodes to max out CPU usage. This led to a temporary halt in block production, with some comparing the incident to Solana’s previous outages. Despite the disruption, crypto traders remain bullish on AVAX token, which has experienced a significant decline in price recently.
Key Points
1. The Layer 1 blockchain Avalanche experienced a significant outage, lasting over five hours, which halted block production and raised concerns within the crypto community.
2. The outage was caused by a code-related bug that led to nodes maxing out CPU usage due to excessive gossiping, but the issue was swiftly resolved by updating the software to disable the problematic logic introduced in v1.10.18.
3. The outage coincided with a steep correction in the market value of Avalanche’s AVAX token, with nearly $365 million of locked-up tokens being released from vesting and injected into circulation, leading to a nearly 10% decline in price over the past week. Despite this, traders remain bullish on AVAX due to its adoption by major institutional players.