Binance, the world’s largest cryptocurrency exchange by trading volume, announced earlier Tuesday that it was temporarily suspending deposits and withdrawals for the Polygon (MATIC) network.
The announcement came after the Polygon network shutdown since March 11 following a network upgrade. The cryptocurrency exchange noted that it will reopen deposit and withdrawal functions once the network is stable.
The Polygon network is a layer 2 Ethereum scaling solution that boasts millions of users and an evolving ecosystem. On March 11, the network underwent a major upgrade at one of its three layers, but due to an alleged bug, the three layers failed to reach consensus after the upgrade, resulting in downtime .
The Polygon developer’s Twitter account noted that the bug has been fixed and the network is stable. He also clarified that Binance is currently updating its nodes and syncing data, hence the temporary stop.
The Polygon PoS network is stable and working fine. All funds are safe. Binance is updating their nodes and is currently syncing block data, which is why they have suspended deposits and withdrawals. https://t.co/hnhXp3AWga – Polygon Developers (@0xPolygonDevs) March 15, 2022
The Polygon network consists of three layers, each of which serves a specific purpose. The Ethereum layer runs smart contracts, while the Bor layer helps generate blocks. The rift lies in the third layer of Heimdall.
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A suspected bug caused different Heimdall validators to be on different versions of the chain, thus not reaching a 2/3 consensus. While the outage of several hours was expected and was also notified by the Polygon team, the 11 hour long outage has been a concern for many projects as well as traders.
The Polygon network patched another update bug back in December 2021 after a security partner discovered a vulnerability that could have compromised $24 billion worth of funds. According to the latest data from Polygonscan, the network has started producing well-timed blocks, and the team has assured that the network error has been resolved.