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First Mover Americas: TON Blockchain Resumes After 6-Hour Outage
The latest price moves in crypto markets in context for Aug. 28, 2024.
Updated Aug 28, 2024, 9:07 p.m. Published Aug 28, 2024, 12:05 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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The TON blockchain resumed activity after a nearly six-hour outage caused by a surge in network traffic. An airdrop of the DOGS memecoin might have been the culprit as the popularity of the token caused a jump in transactions. Some observers pointed out that the network struggled to meet demand, with transactions per second coming well under what was expected. Bybit temporarily suspended withdrawals and deposits because of the outage, citing network instability, according to a post on X by Wu Blockchain. The outage saw TON’s native token, toncoin, fall as low as $5.13, a drop of 9% from the $5.65 it was trading at beforehand.
Read More: Telegram-Linked TON Blockchain Suffers Second Outage
TON's toncoin token trimmed some of its losses to outperform the broader digital asset market following the blockchain's restart. TON is 2% higher in the last 24 hours, trading around $5.51. Though the downtime was partially blamed on the popularity of the DOGS airdrop, the token showed some resilience following the resumption of activity. DOGS was airdropped by the Ton Foundation to raise awareness for what it believes is the unjust arrest of Telegram CEO Pavel Durov. Telegram and TON are separate entities even though one is often used with the other.
DeFi lender MakerDAO rebranded to “Sky” as part of its ongoing revamp. The protocol, which has $7 billion of assets, will also introduce new versions of its $5 billion stablecoin (DAI) and its governance token (MKR): the USDS stablecoin and the SKY governance token. DAI and MKR will stay in circulation unchanged, with the new tokens existing in parallel. Token holders will be able to exchange DAI tokens 1:1 for USDS, while each MKR token can be swapped for 28,000 SKY tokens. The new tokens will be issued on Sept. 18, and holders can choose to keep the old tokens or exchange for the new ones.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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