Binance suspends Polygon deposit and withdrawal to sync node for the time being

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TL;DR Breakdown

  • Polygon developers tweet amidst Binance service halt.
  • The problem lies in the third layer of the Heimdall layer.

Binance‘s work to upgrade and sync network nodes were temporarily suspended due to a debugging issue. Binance already announced a prospective outage. That did not prevent the blip in service from creating headlines.

This outage means that withdrawals and deposits on Binance, the world’s biggest cryptocurrency exchange by trading volume, have been temporarily halted because of a problem with the Polygon network.

Polygon is a layer-2 measurement solution in the Ethereum ecosystem. It has a growing community of people. One of the three layers of the network had a big change on March 11, with far-reaching effects. 

The outage resulted from a possible mishap where the three layers could not agree after the development, causing them to break off. According to the crypto exchange, withdrawals will start again when the network is stable.

Polygon developers tweet amidst Binance halt

A tweet from the Polygon developer confirms this. The tweet stated that they had fixed the problem, and the network was running again. Improve your facilities and sync your data with Binance at the same time.

The problem lies in the third layer of the Heimdall layer

Polygon has three layers, with each one doing a unique job. People who use Ethereum make smart contracts, and people who use Bor make a chain called a “blockchain.” There might be a mistake in Heimdall’s third layer, though.

Some of the Heimdall warrants couldn’t get a majority of people to agree on how to verify them because of a possible feature. Some projects and traders were worried about the 11-hour break, even though the Polygon team had informed them about it in advance.

In December 2021, someone found a flaw in the Polygon network that put $24 billion at risk. However, they solved the problem when they came back the next month. Polygon scan data shows that the network delivers blocks on time, and the team tells people that the network problem has been fixed.

Muhammad Ali

Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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