THORChain recently made an announcement that they had put their platform back to operational status. THORChain is a major proof-of-bond network that also operates a cross-chain exchange.
This is yet another instance where the THORChain experienced an outage and was down for several hours. This time, the platform was reportedly down due to the outage for over 20 hours.
THORChain’s Latest Tweet
In one of the latest tweets, the teams at THORChain confirmed that the network was finally back online. The network was successfully producing blocks and there were no more issues being faced.
With the blocks producing fine and the network being back online, the trading features had been re-enabled as well.
According to the reports, the network reportedly faced an outage on October 27. The teams communicated that they had discovered a bug that was responsible for causing the network outage.
The teams revealed that the particular bug was causing the individual nodes to fail to determine how they would connect with the other node.
Communication by a THORChain
Just as the THORChain went down for several hours, a spokesperson from the network was available to answer questions of the concerned stakeholders or of the affected.
The spokesperson told the officials why they had to proceed with shutting down the network. He stated that as the network faced a bug, it was better that they shut down the entire network.
It was due to safety reasons they had to shut down the network. They had planned to bring the network back up once the non-determinism was no longer there between the nodes.
Update by THORSwap
The officials at THORSwap also provided information surrounding the swapping of Ethereum and ERC-20 tokens.
According to the officials, even though the outage persisted, the users were able to swap ERC-20 tokens as well as ETH without any difficulties.
Despite the outage, THORSwap was able to operate and function normally for the benefit of the users.
Blockchain Outages Keep on Rising
In the running year, the number of blockchain network outages has continued to rise. Other major blockchain networks have continued facing similar issues and had to shut down their networks.
Among the networks facing major outages is the Solana network. The network has been facing many outages since the beginning of 2022 and the number keeps rising aggressively.
The history of the Solana network shows that since 2020, it has suffered from 7 outages but in the year 2022 alone, it has faced around 5 outages.
RUNE’s Performance
RUNE, which is the native token on the THORChain network has taken an impact since the outage took place.
Due to the outage, the trading price of RUNE has declined 5.6% moving down to $1.49. Prior to the outage, the trading price of RUNE was at $1.57.