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An extinction event (also extinction-level event, ELE) is a period in time when a large number of species die out. The normal background rate of extinctions is about two to five families of marine invertebrates and vertebrates every million years. Since life began on Earth, this background extinction rate has been punctuated by six major extinction events.
It has been suggested that there is a cycle of extinctions, with a mass extinction occurring every 26 to 30 million years. It is difficult to date fossils accurately enough to produce a reliable result, but most studies of this hypothetical cycle suggest that another mass extinction would be due in little more than 10 million years. Some have claimed that we are currently living in the middle of a man-made Holocene extinction event.
A recent theory, which has been largely discredited, suggested that the extinction cycle is caused by the orbit of a hypothetical companion star dubbed Nemesis that periodically disturbs the Oort cloud, sending storms of large asteroids and comets towards the Solar System every 26 million years. Another, similar theory suggests that the Solar System's oscillations through the plane of the galaxy results in periods of comet showers.
An even more recent theory, which is still being evaluated, is that periodic large scale vulcanism along continental rifts may include eruption events named verneshots which launch gigatonnes of rock into sub-orbital trajectories. The consequent impacts are expected to have very similar effects to asteroid impacts. This theory explains the periodicity of extinction events as well as the apparently coincidental occurrence of large-scale impacts and vulcanism for at least three of the extinction events without relying on coincidence in the way that the asteroid impact theory does.
Extinction event refers to extinction of species, not all life. Although many life forms may become extinct, the usual connotation is that the "event" is at most a transition in dominant life forms. For example, the Cretaceous-Tertiary extinction event promoted the domination of spores and swamp life for a period almost directly after the event. A complete extinction of all known life forms may be possible, but no such event has ever been discovered.