#Zilliqa Network Disruption: A Breakdown of the Situation

The Zilliqa #Blockchain has been experiencing a critical technical issue since Monday, December 18th, 2023, leading to a significant 50% drop in on-chain transactions. Here's a summary of what we know:

The Problem:

- A technical glitch has interrupted block production on the Zilliqa mainnet.

- This disruption has caused a drastic decline in daily transactions, plummeting from the usual average of 61,000 to roughly 30,906.

- No new blocks have been produced since around 11 AM UTC on Monday, essentially halting network activity.

The Response:

- The Zilliqa Core Team is actively investigating the root cause of the issue & working on a solution.

- They have called this their top priority & are committed to resolving the problem as quickly as possible.

- Matt Dyer, Zilliqa's CEO, urged the community to remain patient & assured users that funds are safe.

- Partners have been advised to temporarily halt any deposits or withdrawals on the network until the issue is resolved.

Potential Impact:

- This disruption could damage Zilliqa's reputation & user confidence, especially considering the network's recent focus on scalability & reliability.

- The sudden halt in transactions could also impact decentralized applications (#dApps ) built on the platform.

- The longer the outage lasts, the greater the potential negative consequences could be.

Current Status:

- As of now, Wednesday, Dec 20th, 2023, at 10:40 AM IST, the network remains down.

- The Zilliqa team is still working on recovering the network & hasn't provided a specific timeline for resolution.

What to Do:

- Stay Informed: Follow official updates from the Zilliqa team on social media or their website.

- Avoid Panic: Trust that the team is addressing the issue, & reports suggest funds are secure.

- Be Patient: Understand that full network restoration may take some time.

- Consider Alternatives: For urgent transactions, explore using alternative blockchain networks temporarily.

$ZIL #TechnicalAnalysis #cryptocurrency