One of the biggest Ethereum competitors is currently facing network-wide issues, potentially tied to the previous update
According to the announcement on Binance’s official website, the Polygon (MATIC) network has been experiencing a network-wide issue causing blocked transactions and reportedly downtime. is why the exchange has stopped all withdrawals from the platform.
At the same time, the CEX’s management stated that withdrawals and deposits will be reopened as the network stabilizes and allows the exchange’s team to properly manage it. The exchange will not be announcing the reopening of operations.
Not the first time
Similar to Solana, Polygon faced a series of downtime and network issues caused by the latest network update, Heimdall, which is used by the layer of a PoS network.
The project’s team confirmed the issue and worked on identifying the “definitive” cause, which reportedly originated from an even earlier upgrade. In addition to it, the team revealed that there may have been a bug in the upgrade itself that caused a split between validators.
Later, the Polygon team released a minor patch upgrade that fixes issues caused by the latest update. The new patch unlocked the Bor chain, which allowed new blocks to be produced on the Polygon chain. A longer term upgrade is planned in the future.
Neither the Polygon representative nor community members have posted additional comments or updates regarding the most recent issues with the network on the Polygon forum. It is not yet clear what is the exact reason behind the aforementioned issues, but we could still tie it to the Heimdall update.
The asset itself has not reacted to the problems on the network, as its price remains relatively stagnant with a drop of 2% in the last 24 hours. MATIC is still moving within the local downtrend formed since March 3rd.
