Monday, 4 March 2024
Trending

Crypto News

Zilliqa faces network disruption, on-chain transactions plunge

Zilliqa faces network disruption, on-chain transactions plunge

  • Technical glitch causes a 50% drop in Zilliqa Network daily transactions.
  • Urgent investigation and resolution underway; deposits/withdrawals halted.
  • Funds deemed SAFU; users advised to wait for network restoration updates.

The Zilliqa blockchain, valued at $383 million, is grappling with a critical situation impacting its network. On December 18, developers reported a technical issue causing an interruption in block production, resulting in a significant drop in on-chain transactions.

This unexpected challenge has prompted the Zilliqa Core Team to address the matter urgently. Here’s an overview of the ongoing situation.

Zilliqa Network on-chain transactions plunge

The technical glitch facing the Zilliqa blockchain has led to a staggering 50% reduction in daily transactions, plummeting from an average of 61,000 to 30,906.

The Zilliqa Core Team is actively investigating the root cause of the technical issue, emphasizing its status as the top priority. A statement from Matt Dyer, Zilliqa’s CEO, reassures the community that the technical team is working diligently to identify and resolve the problem. However, as a precautionary measure, all partners are urged to temporarily halt any deposits or withdrawals on the network until the issue is fully addressed.

The interruption has led to a pause in activity, with the last transaction recorded at approximately 11 am UTC. Despite the inconvenience, developers have highlighted the safety of funds (SAFU) and provided a means for users to check their on-chain wallet balances through the Zilliqa block explorer. 

Users are advised to wait for the network to be restored, assuring that normalcy will return.

Click Here to Read the Full Original Article at CoinJournal: Latest Bitcoin, Ethereum & Crypto News…