Avalanche’s AVAX token fell nominally after nodes on the protocol’s X- and C-Chains went down due to bugs in a new software release.
Avalanche is unique as it uses three chains: the C-Chain, X-Chain and P-Chain.
The C-Chain is home to Avalanche’s decentralized finance (DeFi) community and is the chain that hosts smart contracts and is used with MetaMask. The X-Chain is the exchange chain, used to send funds back and forth. The P-Chain is the platform chain, which is used for staking AVAX and serving as a validator.
While the C-Chain recovered after an hour-long outage, some X-Chain nodes are still offline as of time of publication.
On-chain data shows the network quality of X-Chain has been degraded, and it's only able to process a handful of transactions. It appears that it's only able to process a few transactions per hour, making the chain virtually unusable.
Over 90% of validators have upgraded to the latest version of AvalancheGo. This is up from 12% earlier Thursday.
While Avalanche has yet to make a public statement regarding the outage, many contributors are working on its GitHub forum to resolve the issue.
AVAX is trading for $16.89 at writing time in Asian afternoon hours on Thursday.
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