Interruptions Experiencing Polygon Network! How Will The Price Be Affected?

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Polygon, the Tier 2 network for Ethereum, has suffered a prolonged outage according to various announcements and updates. The developers attribute the problem to a technical upgrade in the network.

11 Hours Failed to Generate New Blocks in Polygon Network

At 4:20 UTC on March 10, Polygon (MATIC) network developers informed users on the project’s forum that there will be an outage from approximately 5:50 PM UTC due to required maintenance on one of the three layers of the network. A recent update is thought to have caused a bug in the network’s ability to reach consensus.

The developers attributed these outages to the Polygon network to problems with Polygon’s Heimdall node, which acts as a validator layer that creates checkpoints.

While no definitive cause could be found, the team noted that the issue was caused by a “minor parameterization fix” to a module that acts as a proof-of-stake bridge between Ethereum and Polygon.

Also, the developers said that the bug could cause Heimdall validators to start using different versions of the chain so they couldn’t reach the 2/3 consensus and stopped Heimdall.

According to the team, a Heimdall outage will also shut down Polygon’s Bor node, a “user-facing Proof of Stake chain” that serves as a block generator layer.

While users were worried about their funds, the developers stated that all user funds are safe as Heimdall only processes validator transactions, not transactions between users.

Range delays were previously reported in January. However, statements from the team at the time indicate that these delays were due to high demand rather than a technical issue.

According to the data from Polygonscan, it is seen that a new block was last produced in the Polygon network 3 hours ago.

Polygon is Preferred

Polygon is a second layer network for Ethereum. Some of Ethereum’s largest decentralized finance (DeFi) applications, including Uniswap, Aave, SushiSwap, and Curve Finance, have chosen to leverage Polygon for faster transaction speeds and lower fees.

Polygon’s MATIC token is currently the 16th largest cryptocurrency by market cap. Today’s cut doesn’t seem to have affected prices. So much so that the value of MATIC has increased by 1.39% in the last 24 hours and is currently trading at $1.44.

Polygon also announced today that more than $3.9 billion in MATIC has been shared in its validator ecosystem, and more than $700 million in rewards have been distributed to participants.