TON Blockchain Resumes Operations After Outage; MakerDAO Rebrands to Sky

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The TON blockchain has resumed operations following a significant outage lasting nearly six hours, which was triggered by an unexpected surge in network traffic. This disruption was likely due to the airdrop of the DOGS memecoin, which garnered considerable attention and led to a spike in transaction volumes. Observers noted that the network struggled to handle the overwhelming demand, resulting in transactions per second that fell significantly short of expectations. As a precaution, Bybit temporarily halted withdrawals and deposits, citing network instability in a post shared on X by Wu Blockchain. During the outage, TON’s native token, toncoin, plummeted to $5.13, reflecting a 9% decrease from its previous value of $5.65.

After the blockchain’s operations were restored, toncoin managed to recover some of its losses, showing resilience by outperforming the broader digital asset market. It has seen a 2% increase in the last 24 hours, currently trading around $5.51. Although the network’s downtime was partially attributed to the popularity of the DOGS airdrop, toncoin’s rebound highlights its strength following the restoration of service. The DOGS token was distributed by the Ton Foundation as part of an initiative to raise awareness regarding what it perceives as the unjust arrest of Telegram CEO Pavel Durov. It is important to note that while Telegram and TON are often associated with each other, they are distinct entities.

In another significant development, the DeFi lender MakerDAO has officially rebranded to “Sky” as part of its ongoing transformation. This protocol, which currently manages around $7 billion in assets, plans to introduce newly revamped versions of its established $5 billion stablecoin, DAI, and its governance token, MKR. The new tokens will be known as USDS for the stablecoin and SKY for the governance token. Importantly, both DAI and MKR will remain in circulation without any changes, while the new tokens will exist alongside them. Token holders will have the option to exchange their DAI tokens on a 1:1 basis for USDS, and each MKR token can be swapped for 28,000 SKY tokens. The rollout of these new tokens is scheduled for September 18, allowing holders the flexibility to either retain their existing tokens or opt for the new versions.