On-chain data shows that two out of three Avalanche chains experienced outages.
A recent software glitch resulted in a short-lived disruption of nodes on the X and C chains of the Avalanche blockchain, leading to a minor decline in the value of the AVAX token.
It is worth noting that Avalanche is unique as it has a three-chain structure consisting of the C-chain, X-chain, and P-chain.
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As the backbone of Avalanche's DeFi landscape, the C-chain accommodates smart contracts and interfaces with MetaMask. The X-chain serves as the mainnet chain, enabling the transfer of funds, while the P-chain functions as the platform chain, overseeing AVAX staking and validator operations.
After an hour-long outage, the C-chain resumed normal operations. However, some nodes on the X-chain continue to be non-functional.
On-chain data reveals a significant decrease in the X-chain's network performance, as it can manage a minimal number of transactions. With the ability to process just a handful of transactions per hour, the chain is essentially useless.
To address these issues, more than 90% of validators have transitioned to the latest version of AvalancheGo, marking a considerable increase from the initial 12% earlier in the day.
At the time of writing, the Avalanche status website indicated a partial outage of the mainnet bridge X-chain. In the message shared on March 23rd, the team behind Avalanche noted:
Avalanche Bridge nodes are updating to the latest AvalancheGo release (v1.9.14) to restore stability. Avalanche Bridge transfers will be delayed until a sufficient threshold of independent nodes has been updated, which is expected within the next 12 hours.
Avalanche's native token, AVAX, retails for $17.19, recording a 1.94% decrease in the last 24 hours.