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

Time Stamp: March 15, 2022 1:01 PM
Source Node: 1216258

TL;DR Breakdown

  • Binance developer tweets amidst Binance 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. The news of possible outage was pre-informed by binance, it still, anyhow managed to create headlines.

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

In the Ethereum world, Polygon Network is a layer-2 measurement solution. It has a growing community of people. One of the three layers of the network had a big change on March 11, and it was very important. 

The outage resulted from a possible mishap, the three layers were unable to come to an agreement after the development, which caused them to break off. According to the crypto exchange, withdrawals will start again when the network is stable.

Binance developer tweets amidst Binance halt

A tweet from the Polygon developer confirms this. The tweet stated that the problem has been fixed, and the network is 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, each of which does a different 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 been told about it in advance.

Also in December 2021, someone found a flaw in the Polygon Network that could have put $ 24 billion at risk. When Polygon Network came back the next month, they were able to solve the problem. Polygon scan data shows that the network delivers blocks on time, and the team tells people that the network problem has been fixed.

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