Binance Halts Polygon (MATIC) Withdrawals as Network Goes Down Once Again

As Polygon network goes down again due to the network-wide issues, Binance closes withdrawals
Binance Halts Polygon (MATIC) Withdrawals as Network Goes Down Once Again
Binance Halts Polygon (MATIC) Withdrawals as Network Goes Down Once Again

Binance Closes Polygon (MATIC) Withdrawals

The Polygon network experienced a network-wide malfunction, creating a transaction blockage and, reportedly, significant downtime, according to the notification on the official Binance website, which is why the exchange halted all withdrawals from the platform.

At the same time, CEX management announced that withdrawals and deposits will be reopened after the network has stabilized and the exchange team has a better understanding of how to manage it.

The restart of operations will not be announced by the exchange.

This is Not the First Time

This is not the first time the network is going down. As reported by Coinscreed on March 11, the Network engineers revealed flaws in Heimdall, one of the levels of its Proof-of-Stake (PoS) system, on March 10, 2022.

To allow developers to fix them safely, the team decided to halt transactions, informing users of the planned disruption.

— Polygon Developers 💜 (@0xPolygonDevs) March 10, 2022

MATIC, like Solana, has seen a slew of outages and network troubles as a result of the most recent network update, Heimdall, which is used by the layer of a PoS network.

The project’s crew confirmed the problem and began looking for the “definitive” reason, which was supposedly caused by an earlier upgrade.

Furthermore, the team indicated that a fault in the upgrade itself may have resulted in a split between validators.

Polygon’s staff later delivered a hotfix–a minor upgrade that addresses difficulties triggered by the previous update.

The new fix opened the Bor chain, allowing new blocks to be created on the network chain. In the future, a longer-term update is envisaged.

On the network forum, neither the Polygon representative nor community members have submitted any new comments or updates regarding the network’s most recent troubles.

Although the actual cause of the aforementioned issues is unknown, we can nevertheless link them to the Heimdall update.

The asset has not reacted to the network troubles, as its price has remained reasonably stable, with a 2% dip in the last 24 hours.

Since March 3, MATIC has been trading in a local downturn.