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Cryptogambling / Zilliqa blockchain network’s error causes on-chain transactions plunge

Zilliqa blockchain network’s error causes on-chain transactions plunge

Publish Date: 19/12/2023
Video: Zilliqa Blockchain - Scalable and Secure

Zilliqa Blockchain – Scalable and Secure

The Zilliqa ecosystem, valued at $383 million, is currently grappling with disruptions attributed to a “critical situation” impacting the network. Blockchain data reveal a significant 50 percent drop in Ziliqa’s daily transaction volume, plummeting to 30,906 in contrast to its daily average of 61,000.

In an X post dated December 18, Ziliqa’s developers acknowledged a technical issue affecting the Zilliqa blockchain and resulting in an interruption to block production.

Block production, led by block producers, is crucial for the continuity and stability of any blockchain network. It involves creating new blocks to link on a virtual chain to record and validate transactions. Disrupting this process can delay transaction processing and potentially affect the network’s overall functionality.

As a consequence of the disruption, all activity on the network had come to a halt. The last recorded transaction was around 11 a.m.UTC with no new blocks produced since then. However, despite the decline in daily transactions, Zilica’s native cryptocurrency, ZIL, has experienced a 5.6 percent increase in the last 24 hours, according to CoinGecko data.

Founded in Southeast Asia in 2017, Zilliqa focuses on blockchain scalability and a metaverse venture. The network has processed 61.4 million transactions since its inception, utilizing its native cryptocurrency, ZIL, for transaction facilitation and network node rewards.

Zilliqa employs sharding to enhance its scalability, which divides the network into segments or ‘shards’ for more efficient transaction processing, deviating from the linear processing of traditional blockchains. The sharding method is supposedly designed to enable Zilliqa to handle an increasing number of transactions per second as the network expands.

Ongoing resolution

The Zilliqa Core Team immediately addressed the issue in an X post. “This unexpected challenge is our top priority and our technical team is working to identify and resolve the problem,” said developers. They urged all partners to “temporarily halt any deposits or withdrawals on the network” while the issue is being resolved.

However, developers also reassured users that their funds are secure, emphasizing the safety of funds (SAFU).

“No action is required on users’ ends. Just wait for the network to be restored, and things will be back to normal,” said a community moderator on Zilliqa’s official Discord channel. Ziliqa’s CEO Matt Dyer also wrote a follow-up note, saying, “The team are working hard to recover the network.”

Zilica’s updates are welcomed by its user base, as shown by the supportive comments on their X announcement.

“Thanks for the update. Commendable swift response from the Zilliqa Core Team. We support the temporary pause on transactions, appreciate the fund security assurance (SAFU) and wallet guidance,” said user @Bitcoin_Sata. “Confident in the team’s efforts to resolve the issue.”

The non-custodial staking services on PoS networks, Stakin, commented on the X post to say that they are currently standing by to assist Ziliqa.

Although users are advised to wait for the resolution, they can still check their on-chain wallet balance using the Zilliqa block explorer after reports surfaced of users unable to see token balances within their Zilliqa wallet. To do so, users will need to visit the blockchain scanner and enter their ZIL address.

Zilliqa is not alone in facing network problems. Last week, the Layer-2 scaling solution Arbitrum faced a similar issue due to a surge in traffic. The incident emphasized the need for blockchain networks to maintain operations amid heightened activity during the ongoing bull market.

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