Aptos Network, a Layer 1 blockchain, has successfully managed to bring its network back online and restore all of its operations following a five-hour outage. The network coincidentally suffered an outage in the same week it was launched just last year.
Quick Take:
- All operations were resumed for Aptos following a five-hour outage.
- The value of the Aptos token plunged but has now recovered partially.
- Users continued to express disdain for the situation even after it was solved.
Based on the data provided by the AptoScan network tracker, the on-chain transactions on the Move-language-based blockchain came to a stop at approximately 11:11 UTC on October 18 at block 104621314.
Aptos was quick to confirm the issue via its tweet, letting users know that it was working to solve the issue. Similarly, the platform also reassured its users that they would be notified about the platform coming back online.
As a result of the outage, other crypto exchanges including OKX and Upbit alerted users about the ongoing maintenance work on the network and highlighted the suspension of both deposits and withdrawals of the Aptos token.
Right before the outage, the network posted a birthday message for itself. It has been a year since the platform’s mainnet burst into the scene. The probability of outages has increased, and Aptos is not the only network that has suffered a similar issue recently.
Theta Network mentioned that the recent node upgrade ended up creating an edge case bug that rendered blocks on the main chain to halt their production for several hours. However, a fix was swiftly implemented, and the network started to function normally again.
The Aptos Token Suffers a Dip
Following the outage, the Aptos token was seen to be trading in the red. It became understandable that the situation took a turn when the Aptos token managed to drop to $4.834. However, the situation has improved following the resumption of operations.
As of now, the Aptos token is trading for approximately $5.02. Similarly, the total market cap of the token currently stands at the $1.23 billion mark. The outage also resulted in a plunge in trading volume.
Over the last 24 hours, the trading volume of the Aptos token has declined by a staggering 4.79% to $91.4 million. Despite the platform being completely restored once again, no decent improvement was seen in the token’s overall trading volume.
Users Express their Dissatisfaction
Despite the Aptos Network jumping in quickly to resolve the issue. It was noted that the masses expressed a great sense of dissatisfaction. Many of them even expressed their take regarding the situation by being extremely critical of the network and its performance.
Many argued that they just found it surprising that Aptos went down along with other centralized exchanges despite having a total market valuation of almost $5 billion. As of now, the broader crypto community continues to remain divided over the matter.
