Millions

Polkadot

Avalanche

Status

Punk

<div class="finbold">
 <p class="paragraph">Millions of dollars in capital are leaving the Avalanche (AVAX) ecosystem amid a <a rel="noopener noreferrer nofollow" title="major" href="https://thebittimes.com/tag/major.html">major</a> network <a rel="noopener noreferrer nofollow" title="outage" href="https://thebittimes.com/tag/outage.html">outage</a> on February 23. At the time of writing, the Avalanche network is still down and is not producing any new blocks.</p>
 <p class="paragraph">Notably, <em>DavyCrypto</em> was one of the first accounts to notice and report the issue on X at 13:50 (UTC). Davy mentioned “another major chain” in reference to Solana’s (SOL) major outages, which have become common in the past few years.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">️#Avalanche is down️<br><br>Another major chain going down. pic.twitter.com/0JfU9YfaBq</p>— DavyCrypto (@Davyegld) February 23, 2024
   </blockquote>
  </div>
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 <p class="paragraph">The Avalanche official account has not posted or shared any information about this major network outage by press time. However, the website Avalanche Status is sharing updates to what it has called a “Block Finalization Stall” issue.</p>
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 <p class="paragraph">According to the network status, Avalanche stopped reaching block finality at 11:30 (UTC) on February 23. At 15:59 (UTC), Ava Labs oriented developers and node runners to upgrade the nodes with a fix.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="587" src="https://cdn.thebittimes.com/images/2024/02/24/fd32768144fcc5117a31b64b8b51d6da.webp" alt class="wp-image-156955" srcset="https://cdn.thebittimes.com/images/2024/02/24/fd32768144fcc5117a31b64b8b51d6da.webp 1024w, https://cdn.thebittimes.com/images/2024/02/24/fd32768144fcc5117a31b64b8b51d6da.webp 300w, https://cdn.thebittimes.com/images/2024/02/24/fd32768144fcc5117a31b64b8b51d6da.webp 768w, https://cdn.thebittimes.com/images/2024/02/24/fd32768144fcc5117a31b64b8b51d6da.webp 1372w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Avalanche status historical data. Source: <em>Avalanche Status</em>
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 </figure>
 <p class="paragraph">Curiously, <em>Pop Punk</em> spotted an issue with Ava Labs’ official block explorer amid the major network outage. Despite the stall, the block explorer still increased the number of Avalanche transactions. Kevin Sekniqi, co-founder of Ava Labs, explained this was due to an implementation issue on the website.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Uhhh…<br><br>Avalanche… why are the total transactions steadily increasing if you haven't produced a block in 4 hours? pic.twitter.com/rLSs3aT9HM</p>— Pop Punk (@PopPunkOnChain) February 23, 2024
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 </figure>
 <h2 class="wp-block-heading" id="h-avalanche-price-analysis-amid-major-network-outage">Avalanche price analysis amid major network outage</h2>
 <p class="paragraph">In the meantime, the network’s native token AVAX dropped 4.35% since the start of the “Block Finalization Stall.” Avalanche was trading at $36.75 at 12:00 (UTC), going to as low as $35.15 during the major outage.</p>
 <p class="paragraph">Currently, AVAX has changed hands by $35.54, and the cryptocurrency market awaits the upgrade to take effect.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/02/24/aa44cae05e034734451f6f876a1bb227.webp" alt class="wp-image-156956" srcset="https://cdn.thebittimes.com/images/2024/02/24/aa44cae05e034734451f6f876a1bb227.webp 1024w, https://cdn.thebittimes.com/images/2024/02/24/aa44cae05e034734451f6f876a1bb227.webp 300w, https://cdn.thebittimes.com/images/2024/02/24/aa44cae05e034734451f6f876a1bb227.webp 768w, https://cdn.thebittimes.com/images/2024/02/24/aa44cae05e034734451f6f876a1bb227.webp 1536w, https://cdn.thebittimes.com/images/2024/02/24/aa44cae05e034734451f6f876a1bb227.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   AVAX/USD 4-hour chart. Source: <em>TradingView</em> (Finbold)
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 </figure>
 <p class="paragraph">Interestingly, this current <a rel="noopener noreferrer nofollow" title="major" href="https://thebittimes.com/tag/major.html">major</a> network <a rel="noopener noreferrer nofollow" title="outage" href="https://thebittimes.com/tag/outage.html">outage</a> on Avalanche is not the only <a rel="noopener noreferrer nofollow" title="sell-" href="https://thebittimes.com/tag/sell.html">sell-</a>off factor for AVAX in the short term. On February 22, the protocol unlocked nearly $400 million in tokens from vesting contracts. Since then, Avalanche has lost over $1 billion in market cap.</p>
 <p class="paragraph">Therefore, investors must now be extremely cautious and wait until the situation settles to make better decisions. It is important to observe how the network will behave with the “Block Finalization Stall” fix and how the cryptocurrency market will handle any possible AVAX <a rel="noopener noreferrer nofollow" title="sell-" href="https://thebittimes.com/tag/sell.html">sell-</a>off.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/avax-sell-off-alert-avalanche-suffers-major-outage-tbt80652.html">https://thebittimes.com/avax-sell-off-alert-avalanche-suffers-major-outage-tbt80652.html</a></p>

AVAX sell-off alert: Avalanche suffers major outage

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