Bittime - The Polygon network, specifically its zero-knowledge based Ethereum virtual machine (zkEVM) , experienced a significant outage for more than 12 hours. This disruption caused the network's inability to process new transactions and sparked concerns among crypto users.
This event invites comparisons with Solana, raising questions about Polygon's reliability and scalability.
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Causes and Impact of Disorders
The Polygon team stated that the outage was caused by an error in the protocol sequencer, triggered by a Layer 1 reorganization.
For your information, the sequencer on the Layer 2 network functions to verify, organize and compress transactions before they are sent to the main blockchain such as Ethereum.
Even though the zkEVM network experienced disruption, other Polygon platforms such as the PoS (Proof of Stake) chain and Chain Development Kit (CDK) and the protocols that use them, were not affected. When this news was written, the Polygon network was active again and transactions were visible on PolygonScan.
Also Read: Polygon zkEVM Network Threatened, MATIC Price Soars
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Challenges for Layer 2 Networks
This incident is a challenge in itself for Layer 2 networks, including Polygon, which has faced various obstacles since its launch last year.
Emin Gün Sirer, founder of Ava Labs, also spoke about this incident. He warned of the dangers of "junk Layer 2 protocols" that have the potential for fraudulent practices.
Without naming specific names, Sirer highlighted the existence of "red flags" in the Layer 2 ecosystem, and urged users to be careful in choosing protocols.
Sirer specifically warns against networks that use centralized sequencers without strong fraud prevention mechanisms. He also criticized projects that "sell tokens now to raise money for the development of other technologies in the future."
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Polygon Response and the Future
Recognizing the need for improvements to zkEVM which is still in beta, Polygon announced plans to upgrade the protocol in the coming weeks.
Fortunately, this network disruption did not have a significant impact on the price of Polygon's MATIC token. The token actually experienced a moderate increase of 2% and was trading around $0.9954 at the time of writing.
Based on on-chain data, Polygon still has a moderate Total Value Locked (TVL) of $152 million and a transaction volume of 308,000 in the last 30 days.
Even so, this incident is an important reminder for Polygon to continue to improve the reliability and scalability of its network, especially amidst the intense competition in the blockchain world.
Current Price of Polygon (MATIC).
According to Market Bittime.com, currently (25/03/2024) 1 MATIC to IDR is at Rp. 16,172 and over the last 24 hours it has increased by + 1.56%.
How to Buy Polygon (MATIC) on Bittime
You can buy and sell Polygon (MATIC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Polygon (MATIC) is available on Bittime with the market pair MATIC/IDR . To be able to buy MATIC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Polygon (MATIC) on Bittime .
Monitor price chart movements for Polygon (MATIC) , Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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