Cash Transactions via Polygon (MATIC) Network on Binance have been Temporarily Suspended
From the latest tweet by Binance, the world’s largest crypto exchange, all Polygon(MATIC) withdrawals and deposits from Binance.com were halted temporarily due to some network-wide issues causing a transactions backlog and some downtime.
Why Did the Suspension Happen?
Binance’s management announced that they would reopen all transactions after the network has stabilized and the exchange’s team has a better understanding of how to manage it
Binance provides a safe and flexible way to invest in and trade cryptocurrencies. Withdrawal requests are queued on Binance, which means users cannot perform trades while the platform is offline. When the trades are resumed, they are processed in the order traders submitted them.
Bloomberg states that this could likely be attributed to an increase in trades because Binance has been gaining over 300,000 new users each day since Feb. However, Binance declined to comment on what could have led to the backlog.
Today, the Binance platform is introducing a new popular altcoin, and some believe it could be the source of the traffic problem. Peak traffic on a blockchain platform generates delays, a backlog of transactions, and higher transaction fees because demand outnumbers supply and miners can pick and choose what they process. There’s a risk you’ll have to wait even if you pay a large transaction fee.
Performance bugs are also said to affect the efficiency or speed of transactions. These bugs severely damage a blockchain platform’s reliability and credibility.
The Cases are Becoming too Regular
In the previous year, the platform also reported several instances where they had to halt all transactions and freeze accounts. The statement comes after the Polygon network has been down since March 11 paving for a network upgrade.
The project’s crew confirmed the problem and began looking for the “definitive” reason, supposedly caused by an earlier upgrade. The team also confirmed that there might have been a bug in the upgrade leading to a split among validators.
There are three levels to the Polygon network, each with its own function. Smart contracts are managed by the Ethereum layer, while block generation is handled by the Bor layer. The problem is in the third layer of the Heimdall layer.
Due to the obvious probable issue, various Heimdall validators were on different chain versions, preventing 2/3 consensus from being reached. While the downtime for a few hours was expected and the Polygon team was informed, the 11-hour outage became a source of anxiety for many projects and traders.
According to the Polygon developer account on Twitter, the bug has now been fixed, and the network is stable. Binance is currently upgrading its nodes and syncing data, which is why there is a brief suspension. All bridge features have resumed normalcy, including on-chain transactions, withdrawals and deposits. No funds were reportedly stolen during the resolution of the issue. The Polygon team also promises to share a follow up with additional information and vital lessons to get input and feedback from end-users.
