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Impact of Polygon zkEVM Unscheduled Maintenance on Price

Impact of Polygon zkEVM Unscheduled Maintenance on Price

Polygon zkEVM is currently undergoing significant unscheduled maintenance.
This maintenance has been ongoing for over 12 hours.
Interestingly, the current outage does not affect the price of MATIC today.

According to the latest information from our internal system, Polygon zkEVM is currently facing an outage, causing it to be inactive for over 12 hours on Saturday.

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Polygon zkEVM: The Revolutionary Solution for Battling Outages

Polygon zkEVM, compatible with ERC-20-based applications, was launched nearly a year ago on March 27, 2023. It provides a solution for decentralized applications (DApps) that run on the Ethereum blockchain, allowing for scalability. Although a computer systems analyst, Polygon zkEVM has struggled to generate the same interest as other Layer-2 solutions in the past year.

The available data shows that the protocol has had lower transaction volumes compared to its competitors in previous periods.

During the ongoing outage, the Layer-2 blockchain faced difficulties in sequencing or adding extra blocks. According to data from multiple block explorers, the most recent addition to the chain occurred over 12 hours ago. The team behind the Polygon zkEVM still needs to explain the unexpected outage.

Nevertheless, a message can be found on the zkEVM section of Polygonscan.

The zkEVM mainnet network is currently undergoing unscheduled maintenance, and there may be delays in updating block data.

Main Causes of Frequent Outages: Stay incognito

There is still uncertainty surrounding the validity of the explanation for the ongoing unscheduled maintenance and its connection to the outage.

It’s worth mentioning that the crypto industry has experienced several outages in recent weeks, with Coinbase and Solana being particularly affected. An unexpected disruption in the Coinbase ecosystem resulted in a significant loss of approximately $100 billion in market value across the broader crypto capitalization.

There was a repeat incident shortly after the price of Bitcoin reached its all-time high. Downdetector received many problem reports regarding the Coinbase outage in less than a day.

MartyParty, a crypto commentator, attributed the outage to the firm’s adoption of subpar tooling and technologies. To address users’ concerns, Brian Armstrong, the CEO of Coinbase, has made it clear that the company is actively working on improving its infrastructure to meet the high demand it is experiencing.

In a similar vein, Solana experienced several outages, one of which occurred in February and left the platform non-functional for approximately 5 hours. Market commentators are concerned about the increasing frequency of these outages and the potential long-term harm they could inflict on the crypto ecosystem.

The unscheduled maintenance may also negatively affect the prices of the underlying crypto. Currently, Polygon MATIC is trading at $0.9926, showing a 3.22% increase in the past 24 hours. This indicates that the recent outage news did not have the expected impact on the price.

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