{"id":20937,"date":"2022-03-15T11:31:11","date_gmt":"2022-03-15T10:31:11","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=20937"},"modified":"2022-03-15T11:33:31","modified_gmt":"2022-03-15T10:33:31","slug":"binance-halts-polygon-matic-withdrawals-as-down","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-halts-polygon-matic-withdrawals-as-down\/","title":{"rendered":"Binance Halts Polygon (MATIC) Withdrawals as Network Goes Down Once Again"},"content":{"rendered":"\n
As Polygon network goes down again due to the network-wide issues, Binance<\/a> closes withdrawals<\/h5>\n\n\n\n
\"Binance
Binance Halts Polygon (MATIC) Withdrawals as Network Goes Down Once Again<\/figcaption><\/figure>\n\n\n\n

Binance Closes Polygon (MATIC) Withdrawals<\/h2>\n\n\n\n

The Polygon<\/a> network experienced a network-wide malfunction, creating a transaction blockage and, reportedly, significant downtime, according to the notification on the official Binance website\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which is why the exchange halted all withdrawals from the platform.<\/p>\n\n\n\n

\n

Binance: On 2022-03-11, the Polygon (MATIC) network began experiencing network wide issues. As a result, deposits and withdrawals on Binance via the Polygon (MATIC) network have been temporarily paused. https:\/\/t.co\/FMcjtoGEVv<\/use><\/svg><\/span><\/a><\/p>— Wu Blockchain (@WuBlockchain) March 15, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

At the same time, CEX management announced that withdrawals and deposits will be reopened after the network has stabilized and the exchange team has a better understanding of how to manage it. <\/p>\n\n\n\n

The restart of operations will not be announced by the exchange.<\/p>\n\n\n\n

This is Not the First Time<\/h2>\n\n\n\n

This is not the first time the network is going down. As reported by Coinscreed<\/a> on March 11, the Network engineers revealed flaws in Heimdall, one of the levels of its Proof-of-Stake (PoS) system, on March 10, 2022. <\/p>\n\n\n\n

To allow developers to fix them safely, the team decided to halt transactions, informing users of the planned disruption.<\/p>\n\n\n\n

\n

\ud83d\udea7Network update
Due to issues with the Tendermint implementation used by the Polygon PoS chain, users can expect downtime starting at 5:50 PM UTC.

We appreciate your patience. More details are in the forum and we\u2019ll share updates when possible. \ud83d\udc47https:\/\/t.co\/O1MFUrKuAr<\/use><\/svg><\/span><\/a><\/p>— dabl\/colin (@DablClub) March 10, 2022<\/use><\/svg><\/span><\/a><\/blockquote><\/use><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n

MATIC, like Solana<\/a>, has seen a slew of outages and network troubles as a result of the most recent network update, Heimdall, which is used by the layer of a PoS network.<\/p>\n\n\n\n

The project's crew confirmed the problem and began looking for the “definitive” reason, which was supposedly caused by an earlier upgrade. <\/p>\n\n\n\n

Furthermore, the team indicated that a fault in the upgrade itself may have resulted in a split between validators.<\/p>\n\n\n\n

Polygon's staff later delivered a hotfix\u2013a minor upgrade that addresses difficulties triggered by the previous update. <\/p>\n\n\n\n

The new fix opened the Bor chain, allowing new blocks to be created on the network chain. In the future, a longer-term update is envisaged.<\/p>\n\n\n\n

On the network forum, neither the Polygon representative nor community members have submitted any new comments or updates regarding the network's most recent troubles. <\/p>\n\n\n\n

Although the actual cause of the aforementioned issues is unknown, we can nevertheless link them to the Heimdall update.<\/p>\n\n\n\n

The asset has not reacted to the network troubles, as its price has remained reasonably stable, with a 2% dip in the last 24 hours. <\/p>\n\n\n\n

Since March 3, MATIC has been trading in a local downturn.<\/p>\n","protected":false},"excerpt":{"rendered":"

As Polygon network goes down again due to the network-wide issues, Binance closes withdrawals Binance Closes Polygon (MATIC) Withdrawals The Polygon network experienced a network-wide malfunction, creating a transaction blockage and, reportedly, significant downtime, according to the notification on the official Binance website , which is why the exchange halted all withdrawals from the platform. […]<\/p>\n","protected":false},"author":29,"featured_media":16430,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5521,8131],"class_list":["post-20937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance-2","tag-polygon-matic"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/01\/London-Hard-Fork-Arrives-on-Polygon-as-Network-Declares-Date-for-Mainnet-Launch.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/20937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=20937"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/20937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/16430"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=20937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=20937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=20937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}