Ethereum

Solana

Sponge

Polygon

Read

<p class="is-style-lead">Polygon disclosed that its zero-knowledge Ethereum Virtual Machine (zkEVM) beta faces downtime due to a sequencer issue.&nbsp;</p> 
<p>In a recent update on X, Polygon (<a href="https://crypto.news/price/polygon/" target="_blank" rel="noreferrer noopener">MATIC</a>) attributed the issue to a problem with the blockchain sequencer.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Polygon zkEVM Mainnnet Beta faced an issue with its sequencer due to an L1 reorg. We are working on fully resolving the issue and will follow up with a detailed post-mortem.<br><br>This only impacts Polygon zkEVM (which is the only rollup) and does not impact Polygon PoS, Polygon CDK,…</p>— Polygon | Aggregated (@0xPolygon) <a href="https://twitter.com/0xPolygon/status/1771671172834283539?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Despite the setback, <a href="https://crypto.news/tag/polygon/" target="_blank" rel="noreferrer noopener">Polygon</a> stated that other facets of its ecosystem, such as its <a href="https://crypto.news/learn/what-is-proof-of-stake-pos/" target="_blank" rel="noreferrer noopener">proof-of-stake</a> (PoS) network and chains developed with the Polygon software development kit, remain unaffected.</p> 
<p>The network assured its community that it is actively working to resolve the issue and will provide a detailed post-mortem analysis once the matter is addressed.&nbsp;</p> 
<p>Anticipation continues to build for the release of the second-generation zkEVM, promising enhancements to boost performance. At the time of writing, Polygon had not provided any further updates regarding the status of the zkEVM mainnet beta.</p> 
<p> You might also like: <a href="https://crypto.news/humanity-protocol-polygon-animoca/"> Humanity Protocol secures investment from Polygon, Animoca founders </a> </p> 
<h3 class="wp-block-heading" id="polygon-journey-with-zkevm">Polygon journey with zkEVM </h3> 
<p>Polygon’s zkEVM initiative began in March 2023 with the launch of its mainnet beta. Its aim was to enhance smart contract deployment with increased finality and reduced costs.&nbsp;</p> 
<p>However, the journey hasn’t been without hurdles. Recall how blockchain security firm Verichains <a href="https://blog.verichains.io/p/discovering-and-fixing-a-critical" target="_blank" rel="noreferrer noopener">identified</a> a flaw last September. </p> 
<p>Collaborative efforts between Polygon and Verichains resolved the issue, underscoring the importance of robust security measures in blockchain ecosystems.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨Bug Disclosure<br><br>The team at <a href="https://twitter.com/Verichains?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Verichains</a> has just published a detailed blog on the critical vulnerability we discovered in Polygon's zkEVM. <br><br>A huge shoutout to <a href="https://twitter.com/0xPolygon?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@0xPolygon</a> for their swift action, ease of cooperation &amp; generous bug bounty!<br><br>&gt;&gt; Find out more here:… <a href="https://t.co/D51NoXe9s7" target="_blank">pic.twitter.com/D51NoXe9s7</a></p>— Verichains (@Verichains) <a href="https://twitter.com/Verichains/status/1770336347922034856?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 20, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>As of the latest update, the incident has not notably impacted the price of MATIC. Over the past 24 hours, the coin has seen a modest increase of 0.9% and is currently trading at $1.00.&nbsp;</p> 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="1168" src="https://crypto.news/app/uploads/2024/03/image-57.png" alt="Polygon zkEVM beta hits snag, MATIC price remains intact - 12" class="wp-image-14260722">
 <figcaption class="wp-element-caption">
  MATIC 24 hour price chart | Source: CoinGecko
 </figcaption>
</figure> 
<p>However, it has experienced a 5.5% decline over the past week and another 19% drop over the previous fortnight, in line with broader market trends.</p> 
<p>Polygon’s zkEVM outage adds to recent disruptions in the crypto market, highlighting the challenges of ensuring stable blockchain performance.&nbsp;</p> 
<p>This incident echoes similar outages, including a significant <a href="https://crypto.news/solana-network-resumes-operations-following-extended-outage/" target="_blank" rel="noreferrer noopener">downtime</a> on Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) on Feb. 6. The incident, which was Solana’s first in over a year, saw the blockchain halt transaction processing, with network engineers and validators from across the ecosystem mobilized to address the issue.</p> 
<p> Read more: <a href="https://crypto.news/polygon-meme-coin-sponge-v2-soars-26-reaching-100m-cap/"> Polygon meme coin Sponge V2 soars 26%, reaching $100m cap </a> </p>

Polygon zkEVM beta hits snag, MATIC price remains intact

Table of Contents

crypto.news

Other articles published on Mar 24, 2024

Akon cautions fans against requesting for crypto-related content

Newly Emerging Cryptocurrency Project Installs Trojans on Users’ Computers and Steals Altcoins

Crypto Analysts Are Monitoring Polygon and Solana Closely, KangaMoon Blasts Off With Bullish Buyi...

Evaluating Launchpad Token’s 67000% Success for Future Bull Run Indications

Pundu’s Meteoric Rise: Securing $100 Million in 36 Hours Through Meme Culture

AI builds the ideal crypto portfolio for 2024

Join our free newsletter for daily crypto updates!