The Zilliqa Network Faces Disruptions
The Zilliqa ecosystem, valued at $383 million, is currently experiencing disruptions due to a “critical situation” affecting the network. Developers have revealed that the blockchain is facing a technical issue, leading to an interruption in block production. As a result, daily transactions on Zilliqa have dropped by approximately 50% compared to recent days. Activity has come to a halt, with no new blocks being produced since the issue arose.
Zilliqa’s CEO, Matt Dyer, has assured users that the team is working diligently to recover the network. While the problem is being resolved, developers have advised all partners to temporarily suspend any deposits or withdrawals on the network. However, they have emphasized that users’ funds are safe and can still be checked using the Zilliqa block explorer.
Recovering the Network
The technical team at Zilliqa is actively working to identify and resolve the problem causing the disruption. They have urged users not to take any action and patiently wait for the network to be restored. Once the issue is resolved, normal operations will resume.
Zilliqa’s Background and Scalability
Zilliqa was founded in 2017 in Southeast Asia and launched its mainnet in 2018. The platform focuses on blockchain scalability and has processed over 61.4 million transactions since its inception. However, even before the current network outage, Zilliqa’s blockchain had a relatively low transaction per second rate compared to its utilization rate.
Hot Take: Zilliqa Network Faces Technical Issue Impacting Block Production
The Zilliqa network is currently grappling with a critical situation that has disrupted block production. Daily transactions have significantly decreased as a result of this technical issue. However, the Zilliqa team is diligently working to recover the network and restore normal operations. While users are advised to temporarily halt any deposits or withdrawals, their funds remain secure. Zilliqa’s blockchain scalability and metaverse venture have been key focuses since its launch in 2018. Despite the current challenges, Zilliqa aims to continue providing an efficient and reliable blockchain platform for its users.
Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats.