Challenges Arise for Polygon zkEVM Beta as MATIC Price Holds Steady

Polygon zkEVM Beta Faces Sequencer Issue – MATIC Price Remains Stable

Polygon recently disclosed that its zero-knowledge Ethereum Virtual Machine (zkEVM) beta is experiencing downtime due to a sequencer issue. The update came through Polygon’s official channels.

Sequencer Issue Causes Downtime

In a recent update, Polygon (MATIC) attributed the issue to a problem with the blockchain sequencer. Polygon zkEVM Mainnet Beta faced an issue with its sequencer due to an L1 reorg. The team is actively working to fully resolve the issue and will provide a detailed post-mortem.

• This only impacts Polygon zkEVM (which is the only rollup) and does not impact Polygon PoS, Polygon CDK, etc.

Despite the setback, Polygon assured its community that other facets of its ecosystem, such as its proof-of-stake (PoS) network and chains developed with the Polygon software development kit, remain unaffected. The network is actively working to resolve the issue and plans to provide a detailed post-mortem analysis once the matter is addressed.

Anticipation for Second-Generation zkEVM

Anticipation continues to build for the release of the second-generation zkEVM, promising enhancements to boost performance. At the time of writing, Polygon had not provided any further updates regarding the status of the zkEVM mainnet beta.

Polygon’s zkEVM Journey

Polygon’s zkEVM initiative began in March 2023 with the launch of its mainnet beta. Its aim was to enhance smart contract deployment with increased finality and reduced costs.

However, the journey hasn’t been without hurdles. Recall how blockchain security firm Verichains identified a flaw last September. Collaborative efforts between Polygon and Verichains resolved the issue, underscoring the importance of robust security measures in blockchain ecosystems.

Impact on MATIC Price

As of the latest update, the incident has not notably impacted the price of MATIC. Over the past 24 hours, the coin has seen a modest increase of 0.9% and is currently trading at $1.00. However, it has experienced a 5.5% decline over the past week and another 19% drop over the previous fortnight, in line with broader market trends.

Conclusion

Polygon’s zkEVM outage adds to recent disruptions in the crypto market, highlighting the challenges of ensuring stable blockchain performance. This incident echoes similar outages, including a significant downtime on Solana (SOL) on Feb. 6. The incident, which was Solana’s first in over a year, saw the blockchain halt transaction processing, with network engineers and validators from across the ecosystem mobilized to address the issue.