Binance, the world’s largest cryptocurrency exchange by trading volume, announced earlier on Tuesday that it would temporarily suspend deposits and withdrawals from the Polygon network.
The announcement came right after Polygon’s network shutdown from Friday following a network upgrade. The cryptocurrency exchange has noted that it will reopen deposit and withdrawal functions once the network is stable.
Polygon Network is a layer 2 Ethereum scaling solution with millions of users and a cutting-edge ecosystem. On Friday, the network underwent a significant upgrade by one of the three teams, but due to suspected bugs, the three teams did not come to an agreement after the upgrade, resulting in a crash.
Polygon’s developer Twitter account reported that the bug has been fixed and the network is stable. He also clarified that Binance is currently updating nodes and data sync, hence the temporary outage.
The Polygon network consists of three layers, each serving a different purpose. The Ethereum team runs smart contracts, while the Bor team helps create blocks. The blame lies with Heimdall’s third team.
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The alleged bug caused different Heimdall validators to be on different versions of the chain, so they didn’t reach a 2/3 consensus. While a multi-hour outage was expected and also announced by the Polygon team, the 11-hour outage has become a problem for many projects as well as vendors.
Polygon Network patched another update bug back in December 2021 after a security partner discovered a vulnerability that could put $24 billion in funds at risk. According to Polygonscan’s latest data, the network began blocking just in time, and the team confirmed that the network error had been resolved.