Polygon's Zero Knowledge Ethereum Virtual Machine (zkEVM) experienced significant downtime lasting over 12 hours.
In fact, several crypto stakeholders have expressed concerns about the network's inability to generate blocks for several hours. This outage led to comparisons with Solana and questions about Polygon's reliability and scalability.
Polygon (MATIC) goes offline
polygon to cause Downtime due to protocol sequencer failure caused by layer 1 reorganization. In layer 2 networks, sequencers ensure that transactions are validated, orchestrated, and compressed before sending them to a layer 1 chain such as Ethereum. The team assured users that efforts are underway to resolve the issue and promised a detailed follow-up report soon.
Fortunately, other Polygon platforms and protocols that utilize CDKs, such as PoS chains and Chain Development Kits (CDKs), were not affected. At the time of writing, the issue has been resolved and the network is seeing activity on PolygonScan.
An update to Polygonscan's zkEVM section states: “zkEVM mainnet network is complete and re-indexing (internal transactions) is in progress.”
But the incident posed a significant challenge to Layer 2 networks, which have been struggling since their inception last year. Emin Gün Sirer, founder of Ava Labs, raised the possibility of fraud and warned against “garbage L2”.
Although Siler did not explicitly name the protocol, he highlighted red flags for the Layer 2 ecosystem and urged stakeholders to be cautious in their evaluations.
“It's now very easy to stand up Trash L2, and it's pretty easy to do that trick, perfected by a certain chain that reorganizes itself every other day. It's about finding people who are doing it and parroting what they say. I'm fishing with Vitalik for a photo shoot,” says Syler. said.
Siler specifically warned against networks that employ centralized sequencers without robust anti-tamper mechanisms. He also warned against “projects that sell tokens now to raise money to do work that will later lead to other technologies.”
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Still, Polygon has announced plans to upgrade the zkEVM protocol in the coming weeks. The company recognizes the need for enhancements in the current beta stage.
Read more: Polygon (MATIC) Price Prediction 2024 / 2025 / 2030
Notably, these issues had little impact on Polygon's MATIC token. While the digital asset has recorded modest growth of over 2% and is trading at $0.9954 at the time of writing, on-chain data shows that Polygon has a modest total value locked (TVL) of $152 million. , it was revealed that the most recent trading volume was maintained at 308,000. 30 days.
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