#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
