Polygon zkEVM Beta Hit by Sequencer Issues: Will It Impact MATIC Price?

Published 24/03/2024, 13:07
Polygon zkEVM Beta Hit by Sequencer Issues: Will It Impact MATIC Price?
MATIC/USD
-

Coin Edition -

  • The beta version of Polygon’s zkEVM mainnet encountered a sequencer issue.
  • Other parts of the Polygon ecosystem, like PoS and CDK, remain operational.
  • Previously, blockchain security firm Verichains identified a critical flaw in Polygon zkEVM.

The beta version of Polygon’s zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet recently encountered a setback. The Polygon team acknowledged this in a recent post on X, noting its sequencer faced difficulties stemming from a layer one reorganization.

Per the report, this issue affected the sole rollup on the network and has prompted immediate action from the Polygon blockchain team. Notably, this incident exclusively impacts Polygon’s zkEVM, which is in a nearly complete prototype state.

Other components of the Polygon ecosystem are unaffected, like its Proof-of-Stake (PoS) network and chains built with the Polygon software development kit. Moreover, any chains deployed using Polygon CDK also remain operational.

Furthermore, the Polygon team is actively engaged in resolving the problem. It assures the community that a comprehensive post-mortem analysis will follow to shed light on the root causes and outline measures to prevent recurrence.

Despite this setback, Polygon remains steadfast in its commitment to innovation. Anticipation is building for the imminent release of the second-generation zkEVM, promising enhancements to bolster the platform’s performance.

At press time, the incident had no notable impact on Polygon’s ecosystem native token, MATIC. In the last 24 hours, MATIC has only increased by 0.34%, putting its price at $0.9804. The token has also fallen by 5% over the past week, mirroring the broader market downturn.

For the uninitiated, Polygon zkEVM is a layer-2 protocol crafted to bolster Ethereum’s scalability by employing off-chain transaction handling and leveraging zero-knowledge proofs.

Last September, Verichains, a leading blockchain security firm, identified a critical flaw in Polygon zkEVM. The flaw was found in the zkProver module, rendering the network vulnerable to proof forgery attacks.

This vulnerability poses a considerable risk to the security and integrity of funds within the blockchain ecosystem’s layers 1 and 2. Notably, Polygon and Verichains have collaboratively fixed the issue.

The post Polygon zkEVM Beta Hit by Sequencer Issues: Will It Impact MATIC Price? appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.