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Ethereum Layer2 platform Polygon zkEVM encounters a network outage during its anniversary week. Several block explorers reveal that the network hasn’t produced blocks for nearly 24 hours.
The team explained that sequencing issues from L1 reorganization tampered with the zkEVM Mainnet Beta, causing the outage.
Polygon zkEVM Mainnnet Beta faced an issue with its sequencer due to an L1 reorg. We are working on fully resolving the issue and will follow up with a detailed post-mortem.
— Polygon | Aggregated (@0xPolygon) March 23, 2024
This only impacts Polygon zkEVM (which is the only rollup) and does not impact Polygon PoS, Polygon CDK,…
Meanwhile, the project is working to resolve the matter before releasing a comprehensive post-mortem analysis. Notable, the protocol failure will not affect Polygon CDK, Polygon PoS, and Polygon CDK-deployed chains.
Polygon zkEVM is an Ethereum-compatible scaling rollup solution launched on 27 March 2023. Nonetheless, the protocol has struggled to gain traction compared to other L2 rivals.
The network recorded fewer transactions compared to the likes of zkSync and Manta Pacific.
Crypto outages in 2024
Polygon zkEVM’s incident is part of recent outages that have plagued the crypto market. For instance, exchange Coinbase crashed continuously as Bitcoin bulls drove past $70K, leading to losses exceeding $100B.
Also, Solana (SOL) suffered a prolonged block-production issue on 6 February, reflecting the challenges of ensuring stable blockchain performance.
Polygon’s developers are working to resolve the ongoing zkEVM malfunctions. Nonetheless, the incident brings worries about the network’s consistency amid the surging competition in the L2 market.
MATIC price outlook
The outage didn’t affect the native token since it maintained bullishness during this writing. MATIC gained 2.30% in the last 24 hours to trade at $0.9831.
Moreover, Polygon enthusiasts remain confident in the asset’s long-term potential, with increased adoption and zero token unlocks as among the catalysts.
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