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Crypto news: on March 23, Ethereum’s Layer 2 blockchain, Polygon zkEVM, experienced a period of downtime, during which it was unable to generate new blocks for over 10 hours.
The Polygon zkEVM team has officially confirmed the incident and is planning to publish a detailed report of the event. Let’s see all the details below.
Summary
The blockchain of the crypto Polygon zkEVM is back online
As anticipated, last week, Polygon zkEVM, the Ethereum Layer 2 network introduced a year ago, experienced an interruption that caused the halt of its emerging blockchain for over ten hours.
According to the Polygon zkEVM block explorer, on March 23rd there was an interruption of about ten hours, during which the sequence and addition of blocks to the chain were halted after a period of successful consecutive sequencing.
The Polygon zkEVM team has officially confirmed the interruption through a post on X, stating:
“Polygon zkEVM Mainnet Beta has encountered an issue with its sequencer due to an L1 reorganization. We are working to fully resolve the issue and will provide a detailed post-mortem analysis.”
Launched on March 27, 2023 with a symbolic transaction by Vitalik Buterin, Polygon zkEVM is a zero-knowledge rollup scaling solution compatible with the Ethereum Virtual Machine (EVM).
However, despite this, it has not reached the same level of adoption as similar Layer 2 networks, recording a much lower number of transactions compared to its competitors.
It is important to note that the interruption of Polygon zkEVM did not involve the main Polygon blockchain or the chains developed with Polygon’s Chain Development Kit (CDK).
The company has expressed its commitment to release the second generation of zkEVM in the coming weeks.
The bullish rally of Polygon (MATIC)
Polygon (MATIC) has recently experienced a trend reversal, suggesting that the recent bearish rally may have come to an end.
As the trend changed, as anticipated, both Polygon Layer 2 and Polygon zkEVM encountered a potentially harmful issue for the network’s usage.
Despite the bulls entering, CoinMarketCap data indicated a dominance of MATIC bears in the market, with prices decreasing by 6% in the last seven days. However, in the last 24 hours, the token’s value has increased by over 1.5%.
Currently, MATIC is trading at around 0.9874 dollars, with a market capitalization of over 9.7 billion dollars, positioning itself as the sixteenth largest cryptocurrency.
Despite the ongoing debate in the cryptographic space, the weighted sentiment of MATIC has turned negative, indicating a prevalence of bearish sentiments in the market.
Analysis of the daily MATIC chart by AMBCrypto suggests that the bullish trend could continue, despite the MACD showing a bearish advantage.
The Chaikin Money Flow (CMF) of Polygon has shown a strong decrease, suggesting the possibility of a price decrease.
Nevertheless, MATIC’s bounce from the lower limit of the Bollinger Bands suggests the possibility of an imminent bullish rally.