Avalanche AVAX token drops after node outages plague the network
The AVAX token of the Avalanche network experienced a slight decline following an outage of nodes on its X and C chains due to errors in newly-released software. Uniquely, the Avalanche platform uses three distinct blockchain networks: C-chain, X-chain, and P-chain. The C-chain is home to Avalanche’s burgeoning DeFi space and is the chain users interact with when interacting with MetaMask. X-chain is the exchange layer enabling funds to be transferred between addresses, whereas P-chain facilitates the staking of AVAX and validator operations.
The C-chain has recovered after an hour-long outage. However, some X-chain nodes remain offline. In addition, according to on-chain data, the network quality of X-chain has been drastically reduced. It can now only process a minimal amount of transactions per hour. This renders the chain practically unusable.
Over 90% of validators have successfully upgraded to the latest version of AvalancheGo, up from 12% earlier today. Despite not releasing a public statement yet, the Avalanche team actively engages with contributors on their GitHub forum to resolve issues and ensure a smooth rollout.
At the time of writing, AVAX is trading at $16.96, according to Coinmarketcap.
