March 27, 2024
Technical Issues Halt Zilliqa Blockchain, Transactions Plummet by 50%
Latest Cryptocurrency News

Zilliqa Network Faces Critical Disruption: $383 Million Ecosystem Struggles

The Zilliqa ecosystem, valued at $383 million, is currently grappling with significant disruptions, described as a “critical situation” impacting its network. As per developers in a post on December 18, a technical issue is causing block production interruptions on the Zilliqa blockchain. This setback resulted in a notable drop in daily transactions, plummeting by approximately 50% to 30,906 from an average of 61,000 observed in recent days.

Presently, all activity has ceased, with the last transaction recorded around 11 AM UTC, and no new blocks have been generated since then. Matt Dyer, Zilliqa’s CEO, conveyed that the team is diligently working to restore the network. Developers emphasized that this unexpected challenge takes precedence, and the technical team is actively engaged in identifying and resolving the underlying problem. In light of this, they cautioned partners to temporarily refrain from making any deposits or withdrawals on the network until the issue is resolved.

However, they assured the community that funds are SAFE, encouraging users to verify their on-chain wallet balance using the Zilliqa block explorer. Reports surfaced indicating some users were unable to view token balances within their Zilliqa wallet.

A community moderator on Zilliqa’s official Discord advised users not to take any action but to patiently await the network’s restoration, ensuring that things will return to normalcy once the issues are resolved.

Established in 2017 in Southeast Asia, Zilliqa launched its mainnet the following year, focusing on blockchain scalability and a metaverse initiative. Since its inception, the network has handled 61.4 million transactions. Before the recent network outage, Zilliqa’s blockchain had seen a comparatively low number of transactions per second in terms of utilization rate.

Image by freepik

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