The Zilliqa blockchain is currently experiencing a “critical situation” that has resulted in a significant disruption to its network. Developers have recently reported a “technical issue” that has led to an interruption in block production, causing a substantial drop in daily on-chain transactions.
“This unexpected challenge is our top priority, and our technical team is actively working to identify and resolve the problem,” emphasized the announcement.
As a consequence of the technical issue, Zilliqa’s daily transactions have plummeted by approximately 50%, reaching a count of 30,906 compared to the average of 61,000 transactions observed in recent days. Activity on the network came to a standstill on Monday, with the last recorded transaction occurring around 11 am UTC. No new blocks have been produced since then.
Matt Dyer, Zilliqa’s CEO, sought to reassure the community by confirming that the technical team is diligently addressing the problem. “Resolving this issue takes precedence for our team,” Dyer stated.
On Monday night, Zilliqa released an update stating that the network is once again operating normally. “In the near future, we will provide further information regarding the encountered issue,” the update mentioned. Until the latest statement from Zilliqa confirming operational status, all developers had urged users to temporarily refrain from conducting any deposits or withdrawals on the network until the issue was fully resolved.
Developers have attempted to alleviate concerns surrounding the disruption by assuring users that their funds remain secure. They wrote, “funds are SAFU” (Secure Asset Fund for Users).
Zilliqa, founded in Southeast Asia in 2017, is a metaverse and scalability-focused blockchain. Following the news of the technical difficulties on Monday, the blockchain’s native token, ZIL, experienced a sharp decline in value. However, it has since managed to recover most of its losses.
