The Avalanche project has encountered dual issues as both Network C and Network X are facing problems simultaneously.
Network C, which supports DeFi applications, experienced an hour-long outage, while Network X, dedicated to transferring funds, is encountering transaction delays.
The uniqueness of the Avalanche cryptocurrency project lies in the existence of parachains, which are distinct networks catering to various needs.
Though the developers have resolved the issue with Network C, which is critical for smart contracts and the functioning of MetaMask wallets, no transactions were recorded in blocks for almost an hour.
Network X is essential for fund transfers, and although transactions are being registered in the blockchain, some nodes are still offline, causing delays.
Thankfully, the P network, responsible for staking and validators, remains stable. The root cause of the instability in network functionality has been traced back to a bug in client version 1.9.12, and a hotfix, version 1.9.14, has been released to resolve the issue.
Kevin Sekniqi, Ava Labs co-founder, and COO, urge users to update to the latest version as soon as possible.
The Korean cryptocurrency exchange, Upbit, has temporarily halted deposits and withdrawals of AVAX coins, but the situation has not impacted the coin’s value significantly.
Although the price of AVAX fell by 3.4%, it has almost recovered now. Interestingly, earlier this year, Amazon, the cloud service provider, added a feature to its platform enabling the rapid deployment of Avalanche nodes.