Layer 1 blockchain Aptos has announced that it has resolved a recent five-hour outage that affected its trading activities, resulting in a temporary suspension from two exchanges. The company took to social media platform X (Twitter) to inform its users that the issue has been resolved, stating, “The issue has since been resolved and the network is operating normally.”
This interruption in operations came as a surprise to many within the Aptos community, with transactions halting at block 104621314 on October 19, 2023, according to AptoScan’s blockchain explorer. The development team has acknowledged the glitch and assured users that they are working diligently to restore network operations. Although the exact cause of the incident is still unknown, some users speculate that it might have been due to a massive surge in network activity, while others point to maintenance as a potential factor.
Impact on Trading and Exchanges
The outage has had repercussions on Aptos trading and two digital asset exchanges, OKX and Upbit. As a result, these exchanges temporarily halted network transactions and suspended deposit and withdrawals. Upbit informed its users about the suspension, citing network maintenance as the reason, and assured them that deposits would resume once the maintenance was completed. Similarly, OKX announced a network maintenance scheduled for October 18, resulting in a suspension of deposits and withdrawals for APT tokens. Users were advised against making any further withdrawals or deposits during this time. However, OKX clarified that trades of APT tokens would not be impacted during the maintenance, but there may be associated risks with spot, margin, and derivatives trading.
Despite the disruption, Aptos continues trading at $4.96, experiencing a 1.06% drop in the last 24 hours and a 19.55% drop in trading volumes during the same period.
Aptos: A Layer 1 Network with Promising Potential
Before the recent incident, Aptos celebrated its first anniversary since the launch of its Mainnet. The company expressed its excitement by saying, “It’s been a year since Aptos Mainnet burst onto the scene.” Aptos is a layer 1 network that has gained support from various VC firms and was developed by former Meta employees. It leverages the Move language to provide users with faster transactions at reduced fees.
It is worth noting that incidents similar to Aptos’ recent outage have been experienced by other networks in the past, such as Theta and Base. However, these networks were able to eventually restore normal operations.
