Binance News
- MATIC deposits and withdrawals on Binance are temporarily unavailable, according to a Binance announcement made earlier today.
- Binance made the announcement after Polygon network’s outage since March 11 that occurred after an upgrade on the Polygon chain.
- Polygon is now stable, but MATIC deposits and withdrawals went offline as the platform’s nodes need to sync with the chain.
Binance, the world’s largest exchange by trading volume, announced earlier today that it will be temporarily pausing deposits and withdrawals for the Polygon (MATIC) network. The exchange had also stated that it would reopen Polygon deposits and withdrawals once the network becomes stable again.
The announcement was made in the wake of the Polygon network’s outage since March 11 that occurred after a network upgrade was made to the Polygon chain.
The suspected bug in the Polychain network was in one of the three layers that make up the blockchain: the Heimdall layer. The bug had caused different Heimdall validators to be on different versions of the chain, thereby not reaching ⅔ consensus.
The Polygon team announced that there would be a network outage for a few hours, but the outage extended past 11 hours, leaving some projects and traders concerned about the delay in fixing the bug and rebooting the network.
An update regarding the bug was posted to the Polygon Developers’ Twitter account stating that the bug had been fixed and that the network is stable. According to the latest Polygonscan data, the network has resumed producing timely blocks. The team has also assured all Polygon users that the bug has been taken care of.
Following the update, Binance’s blockchain nodes need to be upgraded and synced which is why MATIC deposits and withdrawals on the exchange platform remain unavailable.
Once Binance’s nodes are updated and synced with the now-stable Polygon network, users will be able to make Polygon deposits and withdrawals on the exchange platform once again.
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