Editor's Pick

Technical Glitch Leads to 50% Drop in Zilliqa On-Chain Transactions – What’s Going On?

Source: AdobeStock / Alexander

The Zilliqa blockchain is grappling with a “critical situation” resulting in a significant disruption to its network.

Developers announced the presence of a “technical issue” on social media platform X on Monday, saying it has led to an interruption in block production, causing a substantial drop in daily on-chain transactions.

“This unexpected challenge is our top priority and our technical team is working to identify and resolve the problem,” the announcement said.

Dear community, We are writing to inform you of a critical situation currently impacting the Zilliqa blockchain network.

The network is presently experiencing a technical issue that has resulted in an interruption to block production. This unexpected challenge is our top…

— Zilliqa (@zilliqa) December 18, 2023

At the same time, blockchain data revealed a stark decline of approximately 50% in Zilliqa’s daily transactions, plummeting to 30,906 compared to an average of 61,000 observed in recent days.

On Monday, activity on the network essentially came to a standstill, with the last recorded transaction occurring around 11 am UTC, and no new blocks have been produced since then.

Source: viewblock.io/zilliqa

Matt Dyer, Zilliqa’s CEO, reassured the community in a follow-up statement, stating that the technical team is diligently working to identify and resolve the problem. He emphasized that addressing the issue is the top priority for the team.

Network function restored

Finally, on Monday night UTC time, Zilliqa shared that the network is again operating normally.

“In due course, we’ll provide more information on the issue we encountered,” the update said.

Hello everyone,

Thank you for your understanding and patience.

We are pleased to inform you that the network is now fully operational. In due course, we’ll provide more information on the issue we encountered.

As always we appreciate your continued support during these…

— Zilliqa (@zilliqa) December 18, 2023

Until the latest statement from Zilliqa that claimed the network was operational again, developers had urged all everyone to “temporarily halt any deposits or withdrawals on the network” until the issue was fully resolved.

Despite the disruption, developers have stressed that users’ funds are secure, writing “funds are SAFU.”

Zilliqa is a metaverse and scalability-focused blockchain that was founded in South East Asia in 2017.

The blockchain’s native token, ZIL, fell sharply lower as the news of the technical difficulties broke on Monday, but has since regained most of its losses.

7-day price of ZIL token. Source: CoinMarketCap

The post Technical Glitch Leads to 50% Drop in Zilliqa On-Chain Transactions – What’s Going On? appeared first on Cryptonews.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *