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Polygon zkEVM Beta Faces Downtime, MATIC Price Remains Stable

Polygon has revealed that its zero-knowledge Ethereum Virtual Machine (zkEVM) beta is experiencing downtime due to an issue with its sequencer. The disclosure came through a recent update on X, where Polygon (MATIC) cited a problem with the blockchain sequencer as the cause of the setback.

Despite the downtime, Polygon reassured its community that other aspects of its ecosystem, including its proof-of-stake (PoS) network and chains developed with the Polygon software development kit, are operating normally. The network affirmed its commitment to resolving the issue promptly and promised to provide a detailed post-mortem analysis once the matter is resolved.

The anticipation surrounding the release of the second-generation zkEVM, which promises performance enhancements, continues to grow. However, at the time of writing, Polygon had not provided any further updates regarding the status of the zkEVM mainnet beta.

Polygon embarked on its zkEVM initiative in March 2023 with the launch of its mainnet beta, aiming to improve smart contract deployment by enhancing finality and reducing costs. Despite encountering hurdles along the way, such as a flaw identified by blockchain security firm Verichains last September, collaborative efforts between Polygon and Verichains successfully resolved the issue, emphasizing the importance of robust security measures in blockchain ecosystems.

Despite the zkEVM downtime, there has been no significant impact on the price of MATIC. Over the past 24 hours, the coin has seen a modest increase of 0.9%, trading at $1.00. However, it has experienced declines of 5.5% over the past week and 19% over the previous fortnight, reflecting broader market trends.

The zkEVM outage on Polygon adds to recent disruptions in the crypto market, highlighting the challenges of ensuring stable blockchain performance. This incident resonates with similar outages, including a significant downtime on Solana (SOL) on Feb. 6, where the blockchain halted transaction processing, prompting network engineers and validators to mobilize across the ecosystem to address the issue.

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