CoinDesk Analysis Team
CoinDesk
Avalanche’s AVAX token fell nominally after nodes on the protocol’s X and C chains went down due to bugs in new software pushed out.
(Snowtrace screenshot)
Avalanche is unique as it uses three chains: the C-chain, X-chain, and P-chain.
The C-chain is home to Avalanche’s DeFi community, as that’s the chain that hosts smart contracts and is used with MetaMask. The X-chain is the exchange chain, and is used to send funds back and forth, while the P-chain is the platform chain and is used for staking AVAX and serving as a validator.
While the C-chain has recovered after an hour-long outage, some X-chain nodes are still offline.
On-chain data shows that 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.
Avalanche's X-Chain (AVAScan)
Over 90% of validators have upgraded to the latest version of AvalancheGo. This is up from 12% earlier today.
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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