Aptos Network faces 5-hour transaction outage on first anniversary Aptos Network faces 5-hour transaction outage on first anniversary

Aptos Network faces 5-hour transaction outage on first anniversary

Aptos' APT token is down 45% over the past year.

Aptos Network faces 5-hour transaction outage on first anniversary

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 ofย 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.

Mentioned in this article
Posted In: , Technology, Tokens