By: Eva Baxter
The Layer-1 blockchain, Aptos Network, suffered a major hiccup as it experienced a 5-hour network glitch, making it impossible to process any transactions. The issue occurred on the same week as the network's first-year launch anniversary. The matter was officially acknowledged by Aptos in a statement confirming that transactions on the network were impacted. This interruption led to leading cryptocurrency exchanges Upbit and OKX to temporarily halt deposits and withdrawals of Aptos Network tokens.
In a humorous stroke, Aptos attributed the disruption to its users' excitement for 'Aptos One.' The Aptos project, backed by venture capital, was built by former Meta employees and promised unparalleled scalability through its novel Move programming language, targeting up to 160,000 transactions per second (TPS). However, a year into its mainnet launch, the project has yet to live up to its lofty promises, with current processing speeds averaging around a meager 33 TPS.
Despite the recent hiccup, Aptos has secured notable partnerships with leading tech companies such as Microsoft and processed over 300 million transactions in its first year. The blockchain network has also seen over 2 million NFTs minted on its platform. However, the past year has not been kind to Aptos's APT token which has fallen by around 45%, a worrying sign for the future of the network.
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