In a critical development, the Zilliqa blockchain, valued at $383 million has encountered a substantial setback as a technical glitch has disrupted its network, causing a 50% plunge in daily on-chain transactions. Developers have responded swiftly though, initiating an urgent investigation to address the issue and assuring the community that funds remain secure.
Zilliqa Network in Turmoil: A 50% Drop in On-Chain Transactions
On December 18, Zilliqa developers reported a technical glitch impacting block production, resulting in an abrupt 50% reduction in daily on-chain transactions. The network, previously averaging 61,000 transactions, now records a significant dip to 30,906. This unexpected challenge has prompted the Zilliqa Core Team to declare it as their top priority.
Urgent Investigation and Precautionary Measures
The Zilliqa Core Team is actively engaged in investigating the root cause of the technical issue, led by CEO Matt Dyer. Despite the ongoing efforts, partners are advised to temporarily cease any deposits or withdrawals on the network as a precautionary measure until the issue is thoroughly addressed.
The interruption has led to a temporary pause in activity, with the last recorded transaction noted at approximately 11 am UTC. However, the Zilliqa Core Team emphasizes the safety of funds (SAFU) and provides users with the ability to verify on-chain wallet balances through the Zilliqa block explorer.
Users Urged to Await Restoration
Acknowledging the inconvenience caused by the disruption, users are advised to patiently await network restoration. The Zilliqa Core Team assures the community that normalcy will be restored as the technical team diligently works to identify and resolve the underlying problem.
This unexpected challenge emphasizes the importance of ongoing technical vigilance and the commitment of the Zilliqa Core Team to ensuring the security and stability of the network. As developments unfold, the Zilliqa community is encouraged to stay tuned for updates on the resolution of this critical situation.
Zilliqa Network Disruption: Overcoming Challenges and Navigating Toward a Resilient Future
In the face of the recent disruption affecting Zilliqa’s network, the platform remains steadfast in addressing challenges and reinforcing its commitment to a resilient and innovative future. As the technical team diligently investigates the root cause of the disruption, users are urged to await updates on the restoration of normalcy.
Zilliqa, a pioneer in blockchain technology, has consistently demonstrated its unique approach to scalability through sharding, allowing for high throughput and efficient transaction processing. The current setback underscores the intricacies of maintaining a cutting-edge blockchain infrastructure, emphasizing the importance of ongoing development efforts.
Beyond the disruption, Zilliqa’s vision to become the blockchain of choice for large-scale enterprise use stands strong. With applications spanning advertising, gaming, entertainment, and financial services, Zilliqa continues to position itself as a formidable contender against traditional payment methods.
The disruption serves as a reminder of the dynamic nature of blockchain technology, and Zilliqa’s response reflects its commitment to resolving challenges promptly. As users await the full restoration of the network, the ongoing development work, active participation of key stakeholders, and Zilliqa’s continuous scaling showcase its resilience and determination to shape the future of blockchain technology.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
