Toncoin (TON) Community Panics After Glitch Shows 94% Loss, Network Outage Continues

The Toncoin (TON) community on Telegram noted a glitch that caused an inaccurate price display. At one point, the TON token showed a 94% loss, sparking fears of a rug pull.

Toncoin (TON) price briefly displayed a 94% loss on CoinMarketCap due to a faulty API from Russian sources. The error caused panic among traders, who feared a rug pull or other exploit. However, the project team and Telegram chat confirmed the error was on CoinMarketCap's side.

The incident occurred on August 31, when TON showed a price of $0.30, despite data from Binance and other exchanges indicating a higher price. The project team stated that all DEXs, aggregators and related services were operating normally.

The brief panic was linked to recent doubts about the Toncoin project, with investors awaiting the platform's response to recent disruptions. TON remained below TRON in the market cap rankings, despite holding the $5 support level.

The token appeared to have absorbed most of the negative news following the arrest of Pavel Durov, avoiding a deeper crash. However, the asset had been sliding over the past few weeks, trading near a one-month low.

The trading glitch came after two separate episodes where the Toncoin network stalled and stopped producing blocks for several hours.

After recovering from the recent network outage, Toncoin returned to regular block production. The network even managed to handle the extra transactions related to the DOGS token airdrop.

During the days of the DOGS airdrop, Toncoin boasted over 1.1 million active daily users, although some services experienced longer waiting times to receive the token.

Meanwhile, the Toncoin ecosystem is preparing for its next round of airdrops, starting on September 12. Open League season 6 will feature several tiers of airdrops, aiming to onboard new users and retain their loyalty.

To participate, users will need to mint a badge and select their risk tier, which will determine the activities available for earning airdrops. The two tracks will include ‘normie’ and ‘degen’ tasks, both requiring varying levels of engagement with the Toncoin NFT and DeFi ecosystem.

The open season will also coincide with the Hamster Kombat campaign, which could further increase on-chain users. The last open airdrop season saw more than 2 million additional active wallets on Toncoin, spiking activity to as high as 700K active daily users.

Toncoin Surpasses 1 Billion Transactions

Following the recovery of its block production on August 28, Toncoin continued to generate blocks every three seconds. In another milestone, the Toncoin chain achieved more than 81 transactions per second, surpassing one billion transactions in total.

To achieve its end state, the Toncoin chain relies on fast coordination between wallets. However, interactions with token contracts can introduce some slowdown.

Hamster Kombat, which boasts the largest Telegram channel, will serve as the next expansion source for Toncoin. The channel connects to over 52 million users, many of whom have attempted the challenges to earn airdrop points.

In related news, Bitget is preparing to list the HK token, should Hamster Kombat decide to generate an asset. Based on Bitget's timeline, the token could be available in some form by September 26.

Toncoin Prepares $2.5 Million Project Fund

Despite a turbulent period, the Toncoin project continues to expand, offering support for new initiatives.

In a recent announcement, the TON Ventures team revealed plans to allocate $2.5 million to a total of five projects building on Toncoin.

Formed following a split from the TON Foundation, TON Ventures is equipped with a $40 million fund for ecosystem investments.

The new program will be known as TON Accelerator and is set to focus directly on product builders. Applications are open to all projects through a dedicated portal.

With tap-to-earn games and mini apps boosting Toncoin's ecosystem, TON Ventures aims to replicate this success by onboarding user-friendly applications.

Despite its broad reach, the Toncoin ecosystem has experienced a decline in value, primarily due to the跌落 in TON prices.

Prior to the arrest of co-founder Pavel Durov, the value locked on Toncoin was approaching $1 billion. However, since then, the slide of TON has brought the value locked down to $348 million.

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