Avalanche, a decentralized applications (DApp) platform, experienced a significant technical disruption impacting block production on its Proof-of-Stake (PoS) blockchain. The issue, which occurred on February 23, 2024, at 12:02:27 UTC, appears to be related to a recently launched 'inscription wave'. Kevin Sekniqi, co-founder of Ava Labs, believes the problem may be an 'esoteric bug from some edge case' and mentioned it's likely a mempool handling issue with inscriptions. Sekniqi assured the community that the issue would be 'handled quickly'. This is a developing story, and further information will be added as it becomes available.