TON Blockchain Resumes Operation After 6-Hour Outage

CoinDesk 20 Index: 1,934 −3.5%Bitcoin (BTC): $59,953 −4.0%Ether (ETC): $2,522 −4.0%S&P 500: 5,625.80 +0.2%Gold: $2,538 +0.9%Nikkei 225: 38,371.76 +0.22%

Toncoin (TON) pared its losses as its blockchain rebooted following an outage of around five hours.

The outage is said to be related to the higher-than-expected demand for the Ton Foundation’s airdrop to draw attention to the unjust arrest of Pavel Durov. TON, which lost less than 1% throughout the morning hours, is outperforming the CoinDesk 20 Index (CD20), which fell more than 6.5% in the same period.

CD20 continues to decline as crypto futures liquidations hit $300 million, the highest level since August 5.

BTC is down 6 percent, while ether (ETH), Solana’s SOL, Cardano’s ADA, and dogecoin (DOGE) are falling over 5 percent.

XRP is showing relative strength with a 3.4 percent drop, while Tron’s TRX is the best performer among the majors with a 2 percent drop. Ether futures saw the most liquidations at $102 million, followed by bitcoin at $96 million and altcoins at $40 million. CoinGlass data shows that open interest in bitcoin futures fell to $31 billion from $34 billion on Monday as prices fell.

This indicates that sentiment among traders has decreased.

Maker, which recently rebranded as Sky, announced a new version of its $5 billion stablecoin DAI but it failed to capture the attention of crypto enthusiasts.

Observers have noted that the new token, called USDS, includes code that would allow the issuer to freeze the asset remotely. This feature is also found in the largest stablecoins from centralized issuers, such as Circle’s USDC and Tether’s USDT, allowing companies to freeze assets in case the tokens are used for illegal activities. “Upgrading to USDS is completely optional and the freeze function is only available in USDS,” MakerDAO co-founder Rune Christensen explained in a post. “A large decentralized stablecoin should be both managed by its users and compliant with legal systems.

PureDai will be a good alternative proposition for those who are skeptical.”