On May 10, Zilliqa developers announced the full restoration of network functionality after problems with block production.
The Zilliqa network is back online following temporary disruptions to block production on mainnet. Functionality has now been restored and the network is once again processing transactions normally.
The infrastructure team continues to monitor the stability of the network as it…
— Zilliqa (@zilliqa) May 10, 2024
The team clarified that it is “monitoring network stability in an attempt to diagnose the root cause of recent outages.”
May 8 online slowed down block generation and transaction processing stopped in less than an hour. This allowed the protocol to clear the mempool and resume normal operation after 30 minutes.
The developers said they were investigating the cause of the incident. The next day they admitted that network problems continued.
Technical specialists created internal testnets to test fixes for supposedly identified bugs.
They released the necessary software update in addition to the animated scheduled update of Zilliqa v9.3.4 and announced the restoration of the blockchain.
However, by the evening of May 9, the developers recognizedthat it was not possible to completely eliminate the main causes of network shutdowns.
They assured that user funds are safe and you can check your balance through the blockchain explorer.
In December 2023, Zilliqa already encountered similar problems when the network did not process blocks for more than half a day. In July 2022, the team had to restart the protocol after a failure in smart contracts.
The ZIL project token responded to another incident with a deep drawdown, but then recovered to around $0.025. However, after the publication of a statement about the elimination of the failure, the asset unexpectedly fell sharply. At the time of writing, quotes are at $0.023. The fall is accompanied by a sharp increase in trading volumes.
ZIL's capitalization is about $434 million. Compared to the maximum of May 2021, the price of the token has lost more than 90%.
Source: Cryptocurrency
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