Aptos Blockchain, known for its innovative Move language and successful mainnet launch in October 2022, surprisingly suffered an unexpected and prolonged outage that left the altcoin market in turmoil. The outage, which lasted more than four hours, caused major exchanges including Upbit and OKX to suspend Aptos (APT) deposits and withdrawals. Here are the details…
Trouble with Altcoin Aptos’ network
The situation, which is closely followed by altcoin enthusiasts around the world, emerged when on-chain transactions in Aptos stopped at block 104621314. The last transaction was recorded on October 19, 2023 at around 02:00 gee. This sudden outage has led to significant uncertainty among traders and investors who have been anxiously awaiting updates on the status of their cryptocurrencies. In response to the crisis, Aptos released an official statement and tweeted:
Your energy for Aptos One was so electric that you cut the lights! What this currently means is that transactions on the network have been affected. We are working diligently to resolve the issue and will keep you informed once it is complete.
While this statement offers some reassurance, it does not yet provide a concrete timeline for the full restoration of the blockchain. The repercussions of this unexpected outage resonated in the cryptocurrency market. The price of APT, the native token of the Aptos Blockchain, decreased slightly and hovered around $4.91. It has decreased by over 1 percent in the last 24 hours. Market sentiment remains uncertain. On the other hand, investors are eagerly awaiting further developments regarding when the network will return to full functionality.
Last year was heartwarming for Aptos
Despite this challenging situation, Aptos has shown remarkable resilience over the past year. The project came to the fore with the successful mainnet launch. It also attracted great attention thanks to the airdrop campaign that distributed thousands of dollars of APT tokens. Aptos has raised an impressive $350 million through multiple funding rounds and witnessed a surge of new users on its layer-1 network in late July, thanks to its integration with Indian social network Chingari, which has led to a 900 percent increase in user adoption.
Moreover, according to data from DeFi Llama, Aptos managed to maintain a total value locked (TVL) of approximately $64 million, slightly surpassing its rival Sui. This resilience points to the strong fundamentals and community support supporting the Aptos Blockchain. While the crypto community eagerly awaits new developments regarding the restoration of the Aptos Blockchain, the resilience shown in the face of challenges underlines the potential for a rapid recovery. Time will tell what will happen in the future.
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