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Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => Avalanche AVAX Forum => Topic started by: MrSpasybo on February 23, 2024, 08:45:29 PM

Title: Avalanche outage: need for speed
Post by: MrSpasybo on February 23, 2024, 08:45:29 PM
While Ava Labs is getting ready to upgrade to achieve 100k tps[1], today the Avalanche blockchain experienced an outage caused by a surge in inscriptions, which are essentially the creation of new subnets on the Avalanche network. The sudden increase in inscriptions overloaded the network, leading to the outage.

The co-founder of AVA Labs, Kevin Sekniqi, believes that the outage was related to a bug in the code. The bug caused the network to incorrectly process inscriptions, leading to a backlog of transactions and ultimately the outage.

"​​Obviously, this is some esoteric bug from some edge case which should be handled quickly. Likely some mempool handling issue with inscriptions that hit some untested edge cases[2]."

I hope the update, Avalanchego v1.1.1, will address the bug and prevent future outages from occurring.

This Avalanche outage highlights the challenges of scaling blockchain networks. I really hope that the 100k tps Vryx update will help the Avalanche blockchain avoid similar scalability issues in the future. At the same time, great speed can also help Avalanche be proactive and gain all the positive impact from the Inscription wave with the excitement of the ASC-20 token in the upcoming bullrun[3].

And while we haven't had time to worry about the negative impact from unlocking the 9.54M AVAX token event that took place yesterday[4] on the AVAX token price, now we continue to need to worry about the negative impact from this outage. As an Avalanche fan, I really did not expect the AVAX token price to retest the Fibo 0.618 ~ $25 zone.

(https://www.tradingview.com/x/BGwGmDZH/)

What do you think about this Avalanche outage? Will AVAX token price be negatively affected? Did this event impact your investment decision in AVAX token?
[1] Ava Labs Offers Solution To Increase Avalanche Performance To 100,000 TPS (https://cryptonews.net/news/altcoins/28472602/)
[2] Avalanche Blockchain Faces Outage Amid Inscription Wave: AVA Labs Investigates (https://news.bitcoin.com/avalanche-blockchain-faces-outage-amid-inscription-wave-ava-labs-investigates/)
[3] Avalanche gets the ‘Ordinals’ bump, sets new transaction record (https://blockworks.co/news/avalanche-ordinals-asc20-transaction-record)
[4] Avalanche's AVAX Underperforms Ahead of $365M Token Unlock (https://www.coindesk.com/markets/2024/02/20/avalanches-avax-underperforms-ahead-of-365m-token-unlock/)
Title: Re: Avalanche outage: need for speed
Post by: KryptoBull on February 25, 2024, 02:17:28 AM
Quote from: MrSpasybo on February 23, 2024, 08:45:29 PM
And while we haven't had time to worry about the negative impact from unlocking the 9.54M AVAX token event that took place yesterday[4] on the AVAX token price, now we continue to need to worry about the negative impact from this outage. As an Avalanche fan, I really did not expect the AVAX token price to retest the Fibo 0.618 ~ $25 zone.

What do you think about this Avalanche outage? Will AVAX token price be negatively affected? Did this event impact your investment decision in AVAX token?
AVAX is also a bit unlucky, while being suspected of offering a discount for unlocking more than 9M tokens, it immediately encountered an outage similar to Solana recently. SOL increased in price sharply and there are many new and extremely famous projects in the ecosystem, so the token price continues to be kept above 100 USD and increasing. AVAX is not so lucky, everything Avalanche is focusing on is still just improving speed and expanding partnerships - these things do not directly support AVAX's price when there is negative news.

AVAX's biggest hope right now is a strong recovery of the market, BTC not falling below 50K USD. If the BTC price drops, AVAX will be very negatively affected and may drop to 25 USD as you worry.

I see this market as financial speculation only. As long as AVAX increases well, it is still worth considering and investing in.
Title: Re: Avalanche outage: need for speed
Post by: MrSpasybo on March 02, 2024, 03:56:57 PM
Quote from: KryptoBull on February 25, 2024, 02:17:28 AM
AVAX is also a bit unlucky, while being suspected of offering a discount for unlocking more than 9M tokens, it immediately encountered an outage similar to Solana recently. SOL increased in price sharply and there are many new and extremely famous projects in the ecosystem, so the token price continues to be kept above 100 USD and increasing. AVAX is not so lucky, everything Avalanche is focusing on is still just improving speed and expanding partnerships - these things do not directly support AVAX's price when there is negative news.

AVAX's biggest hope right now is a strong recovery of the market, BTC not falling below 50K USD. If the BTC price drops, AVAX will be very negatively affected and may drop to 25 USD as you worry.

I see this market as financial speculation only. As long as AVAX increases well, it is still worth considering and investing in.
Storms come suddenly and are difficult to avoid. When Inscription first appeared and switched to Avalanche, many ASC-20 tokens also caused network congestion and increased transaction fees, but not to the outage @@ I think this is just a problem due to the recent upgrade to Avalanche, a trade-off of risk for development progress. It's also good that Avalanche encountered bugs and fixed them promptly, the problem should have been discovered and resolved before the 100k tps upgrade was applied and the technology became more complex.

Bug fixes and upgrades will give Avalanche new power, enough to operate and serve users stably in the upcoming cycle!