According to the announcement on the official Binance website, the Polygon network behind the popular altcoin MATIC has faced a network-wide transaction blockade, a blockade and an issue that has reportedly caused some outages, so the exchange has halted all withdrawals from the platform. Here are the details…
Altcoin project Polygon is experiencing problems
Binance, the largest cryptocurrency exchange by trading volume, announced in an announcement today that it has stopped withdrawals due to network outage. Binance’s management stated that withdrawals and deposits will reopen once the network stabilizes and allows the exchange team to properly manage the network. The exchange will not announce the reopening of operations.
Similar to Solana (SOL), Polygon is a proof- The latest network update used by the network of-stake (PoS) layer faced a number of outages and network issues caused by Heimdall. The project team confirmed the issue and attempted to determine the “exact” cause, which was reportedly caused by an earlier update. In addition, the team clarified that there may be a bug in the upgrade itself that causes a split between validators.
Polygon had produced a short-term solution
As we have previously reported as Kriptokoin.com, Polygon stopped transactions for about 12 hours with the Heimdall error. Polygon’s team has released a fix-minor update that fixes the issues caused by the last update. With the new patch, it has unblocked the Bor chain that allows new blocks to be produced in the Polygon chain. A longer-term upgrade is expected in the future.
No additional comments or updates from the Polygon representative, community members, or the Polygon forum regarding the latest network-related issues. It is not yet clear what the exact reason behind the mentioned issues is, but still some attribute it to the Heimdall update. Meanwhile, MATIC price is changing hands at $1.34, down 3% in the last 24 hours. The coin had risen to the highest level of $ 1.39 during the day. The cryptocurrency ranks nineteenth with a market cap of $9.2 billion.
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