Polygon (MATIC), the altcoin in which millionaire Mark Cuban also invested, suffered an outage. Polygon, the layer-2 network for Ethereum, has stopped operations with Heimdall error due to various announcements and updates. So, what’s the latest? Here are the details…
The altcoin project that Cuban praised was interrupted
cryptocoin.com As we have also reported, Polygon, which is praised by Mark Cuban and located in his public wallet, is experiencing an outage according to various announcements and updates. The project team stated that proof-of-stake users will “probably experience downtime” earlier today. The outages were attributed to problems with Polygon’s Heimdall node, which acts as a validator layer that creates checkpoints.
While no definitive cause has been found, the team says the problem is caused by a “minor parameterization fix” in a module that acts as a proof-of-stake bridge between Ethereum and Polygon. Also, the team said that the bug could have caused Heimdall validators to start using different versions of the chain so they couldn’t reach the 2/3 consensus and stopped Heimdall. According to the team, a Heimdall outage will also shut down the Bor node, a “user-facing PoS chain” that serves as a block producer layer.
Transactions resumed on the Polygon network
Since Heimdall only processes validator transactions, not transactions between users, the team suggested that all user funds are safe. The suspension was expected to begin yesterday evening. Polygon block explorer Polygonscan confirmed that there had been no new blocks for four hours as of 1:00 am. The network has reactivated its operations with a short-term solution, according to a statement released in the morning today. It is stated that a long-term solution is being worked on.
🔼 UPDATE
Polygon PoS has resumed operation as the team has deployed a temporary hotfix to address the issue.
All user funds are safe.
We’re working on a long-term solution and will continue to update the official forum and other channels.https://t.co/IaQZ6j9AWX https://t.co/dNjHDXSzKL
— Polygon Developers 💜 (@0xPolygonDevs) March 11, 2022
Polygon is a second layer network for Ethereum. Some of Ethereum’s largest decentralized finance (DeFi) applications, including Uniswap, Aave, SushiSwap, and Curve Finance, have chosen to leverage Polygon for faster transaction speeds and lower fees. Polygon’s MATIC token is currently the 17th largest cryptocurrency by market cap. The cut in question does not seem to have affected the prices. The coin is changing hands at $1.45, up 1% at the time of writing.
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