After a planned upgrade of the Bitcoin sidechain, Liquid faced a transaction processing issue. The last transaction took place on the network more than nine hours ago.
According to the information on the official website of the Liquid Network, the processing of transactions on the sidechain of Bitcoin Liquid has stopped. The network unconfirmed transaction pool (mempool) continues to fill up.
Liquid developers confirmed there was a problem and was told that it was related to the “block signature” and arose in connection with the recent activation of the functional update. Block signature is a type of digital signature used to authenticate transactions on the blockchain.
According to Liquid’s official website, the sidechain processes about 500 transactions per day, and there are 3,291 Liquid Bitcoin (L-BTC) in circulation. L-BTC is pegged to the BTC price at a 1: 1 ratio and backed by coins held by the Liquid Federation on the Bitcoin mainnet.
The Liquid network was launched in 2018 after three years of development. The creators of Liquid – the developers of Blockstream – have positioned it as a network with the potential to execute large volumes of transactions at higher speeds for several of the largest Bitcoin-related companies.
As a reminder, the German stock regulator recently approved an initial public offering of stock tokens (STOs) for retail investors at the gaming company Exordium, which will be held on the Liquid sidechain of Bitcoin.
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