Zilliqa Blockchain Network Faces Disruption Due to Critical Technical Issue
Summary:
The Zilliqa blockchain ecosystem is facing disruptions due to a critical technical issue that has halted block production, leading to a significant drop in daily transactions. Developers are working to address the problem and have temporarily paused transactions on the network for all partners. Despite the situation, developers assured that user funds are secure and maintain that normal operations will restore soon after the issue is resolved.
The Zilliqa ecosystem, valued at $383 million, is currently facing disruptions because of a "crucial issue" affecting the network. As per a Dec. 18 announcement by the developers, the Zilliqa blockchain is dealing with a "technical glitch which has caused a halt in block production." Data from the blockchain indicates a drastic drop of about 50% in the daily transactions on Zilliqa, dropping down to 30,906 from an average of 61,000 observed in the previous days. Since the halt, transactional activities have been paused, with the latest transaction recorded at approximately 11 AM UTC, and no subsequent block productions. "Our team is striving hard to get the network back online," stated Matt Dyer, the CEO of Zilliqa.
On this unforeseen issue, it was declared by the developers that it is their primary focus and their technical team is deploying efforts to diagnose and resolve the matter. In light of this, they have cautioned all associated parties to "temporarily stop deposits or withdrawals on the network" till the problem is remedied. Despite this, they reassured that "funds are SAFU," and that users can still verify the balance of their on-chain wallet using the Zilliqa block explorer, after reports of users not being able to view token balances in their Zilliqa wallet came to light. "Users do not need to take any action, they just need to wait till the network is reinstated, and everything will return to normal operation," voiced a community moderator on Zilliqa's official Discord.
Established in the year 2017 in Southeast Asia, Zilliqa launched its mainnet the next year, with a commitment to blockchain scalability, and a venture into the metaverse. The network has processed 61.4 million transactions since the start. However, even prior to the current network downtime, Zilliqa's blockchain recorded relatively nominal transactions per second in terms of usage rate.
Published At
12/18/2023 8:35:00 PM
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