Aptos Network faces 5-hour transaction outage on first anniversary News ▸ Aptos ▸ Technology
Aptos Network faces 5-hour transaction outage on first anniversary
Aptos' APT token is down 45% over the past year.
2 min read
Updated: Oct. 19, 2023 at 9:47 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Layer-1 blockchain Aptos Network suffered a network glitch that made it impossible to process transactions for over five hours in the early hours of today, Oct. 19, according to information on AptoScan.
Although normal operations have resumed, the project officially acknowledged the interruption in a statement posted on the social media platform X (formerly Twitter), confirming that “transactions on the network have been impacted.”
This incident prompted cryptocurrency exchanges Upbit and OKX to temporarily halt deposits and withdrawals of Aptos Network tokens on their platforms.
Aptos has not released a detailed post-mortem explaining the cause of the disruption. However, it humorously attributed the incident to its users’ “energy for Aptos One.”
Aptos mainnet at one year.
This week, the Aptos community celebrated the mainnet network’s first-anniversary launch by trending the Aptos One hashtag on social media platforms.
Aptos is a venture capital-backed project that launched on Oct. 17, 2022. The project was built by former Meta employees who promised the layer one network would deliver unparalleled scalability by leveraging its novel Move programming language.
However, one year into its mainnet launch, the project has yet to deliver its promised speed of up to 160,000 transactions per second (TPS), as it only processes around 33 TPS, according to AptoScan. Its team claimed that its throughput peaked at 5,862 TPS.
Regardless, the blockchain network has recorded notable milestones during the past year, including securing partnerships with technological giants like Microsoft and processing more than 300 million transactions. Additionally, its community has minted over 2 million NFTs on the network.
APT price is 45% down.
Over the past year, Aptos’ APT token has fallen by around 45% during the past year, according to Tradingview data.
The digital asset soared to $18 this January after majorly trading under $10 post-launch. However, the project has faced significant headwinds with the release of new tokens, which has exerted more selling pressure on the market.
APT was trading for $5.00 as of press time.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Aptos is an FTX-backed layer-1 blockchain which was developed by ex-Meta employees.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Meta
Meta (formerly known as Facebook, Inc.) is an American online social media and social networking service company based in Menlo Park, California.
Microsoft
Microsoft is an American multinational technology company that develops, licenses, and sells computer software, consumer electronics, and personal computers.
