MATIC faces rising problems as Binance halts deposits and withdrawals
ambcrypto.comOne of the biggest Ethereum competitors faced network-wide issues, potentially tied to a previous update on the network. This, directly and indirectly affected the native token’s price as per CoinMarketCap.
Binance, the world’s biggest crypto exchange by trading volume announced the temporary stoppage of all Polygon-related deposits and withdrawals as a result of the recent hiccups.
<p lang=«en» dir=«ltr» xml:lang=«en»>Deposits and Withdrawals on #Binance via the @0xPolygon $MATIC network is temporarily paused. https://t.co/Mn85xIAegm— Binance (@binance) March 15, 2022
This suspension was due to the network wide issues of the Polygon network. The said network faced a network-wide issue causing a transaction blockage and, reportedly, some downtime. The network underwent an essential upgrade on one of the three layers on 11 March, but due to a suspected bug, the three layers didn’t reach a consensus post the upgrade, leading to the downtime.
Later on, Polygon’s team released a hotfix–minor upgrade that fixed issues caused by the last update. The new patch unblocked the Bor chain, which allowed the production of new blocks on the Polygon chain. A longer-term upgrade was expected soon. Likewise, updated on Twitter as mentioned below.
<p lang=«en» dir=«ltr» xml:lang=«en»>Polygon PoS network is stable, and working fine. All funds are safe. Binance is upgrading its nodes, and currently syncing the block data, hence they have paused the deposit and withdrawal.https://t.co/hnhXp3AWga— Polygon Developers
Read more on ambcrypto.com
