Matic Price Unaffected as Polygon zkEVM Beta Encounters Issue

POLYGON MATIC

Polygon revealed that their beta version of the zero-knowledge Ethereum Virtual Machine (zkEVM) is experiencing downtime because of a sequencer problem.

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In a recent announcement on X, Polygon (MATIC) stated that the problem with their zero-knowledge Ethereum Virtual Machine (zkEVM) beta was caused by an issue with the blockchain sequencer.



Polygon zkEVM Mainnet Beta Encounters Issue

Polygon’s zkEVM mainnet beta faced an issue with its sequencer due to a Layer 1 (L1) reorganization. This problem only affects Polygon’s zkEVM, which is its sole rollup solution, and does not impact other aspects of the Polygon ecosystem, such as its proof-of-stake (PoS) network or chains developed with the Polygon software development kit (CDK).

Despite the setback, Polygon assured its community that it is actively working to fully resolve the issue. Once the matter is addressed, Polygon plans to provide a detailed post-mortem analysis.

Meanwhile, anticipation is growing for the release of the second-generation zkEVM, which promises enhancements to improve performance. As of now, Polygon has not provided any additional updates regarding the status of the zkEVM mainnet beta.

Polygon’s zkEVM Initiative: Enhancing Smart Contract Deployment

Polygon’s zkEVM initiative commenced in March 2023 with the introduction of its mainnet beta. The primary objective was to improve smart contract deployment by enhancing finality and reducing costs.

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However, the journey has encountered obstacles. Last September, blockchain security firm Verichains identified a flaw in the system.

Polygon and Verichains collaborated to address the issue, highlighting the significance of robust security measures in blockchain ecosystems.

Impact of Polygon’s zkEVM Outage on MATIC Price

Despite the zkEVM outage, there hasn’t been a notable impact on the price of MATIC. Over the past 24 hours, the coin has experienced a modest increase of 0.9% and is currently trading at $1.00.

However, MATIC has faced challenges over the past week, witnessing a 5.5% decline, and a further 19% drop over the previous fortnight, aligning with broader market trends.

Polygon’s zkEVM outage adds to recent disruptions in the crypto market, shedding light on the difficulties of maintaining stable blockchain performance.

This incident mirrors similar outages, such as the significant downtime experienced by Solana (SOL) on Feb. 6. This marked Solana’s first major disruption in over a year, prompting network engineers and validators to swiftly address the issue.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • Asad

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