Polygon zkEVM beta hits snag, MATIC price remains intact

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Polygon disclosed that its zero-knowledge Ethereum Digital Machine (zkEVM) beta faces downtime resulting from a sequencer subject. 

In a current replace on X, Polygon (MATIC) attributed the problem to an issue with the blockchain sequencer. 

Regardless of the setback, Polygon said that different aspects of its ecosystem, resembling its proof-of-stake (PoS) community and chains developed with the Polygon software program growth equipment, stay unaffected.

The community assured its neighborhood that it’s actively working to resolve the problem and can present an in depth autopsy evaluation as soon as the matter is addressed. 

Anticipation continues to construct for the discharge of the second-generation zkEVM, promising enhancements to spice up efficiency. On the time of writing, Polygon had not offered any additional updates concerning the standing of the zkEVM mainnet beta.

Polygon journey with zkEVM

Polygon’s zkEVM initiative started in March 2023 with the launch of its mainnet beta. Its goal was to reinforce good contract deployment with elevated finality and lowered prices. 

Nevertheless, the journey hasn’t been with out hurdles. Recall how blockchain safety agency Verichains identified a flaw final September.

Collaborative efforts between Polygon and Verichains resolved the problem, underscoring the significance of sturdy safety measures in blockchain ecosystems.

As of the most recent replace, the incident has not notably impacted the value of MATIC. Over the previous 24 hours, the coin has seen a modest enhance of 0.9% and is at the moment buying and selling at $1.00. 

Polygon zkEVM beta hits snag, MATIC price remains intact - 1
MATIC 24 hour value chart | Supply: CoinGecko

Nevertheless, it has skilled a 5.5% decline over the previous week and one other 19% drop over the earlier fortnight, according to broader market developments.

Polygon’s zkEVM outage provides to current disruptions within the crypto market, highlighting the challenges of guaranteeing secure blockchain efficiency. 

This incident echoes comparable outages, together with a major downtime on Solana (SOL) on Feb. 6. The incident, which was Solana’s first in over a 12 months, noticed the blockchain halt transaction processing, with community engineers and validators from throughout the ecosystem mobilized to handle the problem.

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