According to the announcement on the official Binance website, the Polygon network behind the popular altcoin MATIC has faced an issue that has caused a network-wide transaction blockage, blockade and reportedly some outages, so the exchange has halted all withdrawals from the platform. Here are the details…
Problems at altcoin project Polygon
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 faced a number of outages and networking issues caused by Heimdall, the latest network update used by a proof-of-stake (PoS) network layer. 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 come up with a short-term solution
cryptocoin.com As we have previously reported, Polygon stopped operations for about 12 hours with a 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 have been received 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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