Ethereum Layer2 platform Polygon zkEVM is facing a network outage during the anniversary week. Several block researchers reveal that the network has not produced any blocks for almost 24 hours.
The team explained that sequencing issues due to the L1 reorganization disrupted the zkEVM Mainnet Beta, causing the outage.
Polygon zkEVM Mainnnet Beta faced an issue with its sequencer due to an L1 reorg. We are working to fully resolve the issue and will conduct a detailed post-mortem.
This only affects Polygon zkEVM (which is the only merge) and does not affect Polygon PoS, Polygon CDK,…
— Polygon | Aggregated (@0xPolygon) March 23, 2024
In the meantime, the project is working to resolve the issue before releasing a comprehensive post-mortem analysis. Notably, the protocol error does not affect Polygon CDK, Polygon PoS, and Polygon CDK deployed chains.
Polygon zkEVM is an Ethereum-compatible scaling solution that launched on March 27, 2023. Nevertheless, the protocol has struggled to gain traction compared to other L2 rivals.
The network recorded fewer transactions compared to zkSync and Manta Pacific.
Source – Het Blok
Crypto failures in 2024
The Polygon zkEVM incident is part of recent outages that have plagued the crypto market. For example, the Coinbase exchange crashed continuously as Bitcoin bulls pushed past $70,000, leading to losses of over $100 billion.
Additionally, Solana (SOL) faced a prolonged block production issue on February 6, due to the challenges in ensuring stable blockchain performance.
Polygon developers are working to resolve the ongoing zkEVM outages. Nevertheless, the incident raises concerns about network consistency amid increasing competition in the L2 market.
MATIC Price Outlook
The outage did not affect the native token as it remained bullish at this writing. MATIC gained 2.30% in the last 24 hours to trade at $0.9831.
MATIC 1D chart on Coinmarketcap
Additionally, Polygon enthusiasts remain confident in the asset’s long-term potential, with increased adoption and zero token unlocking being one of the catalysts.
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