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Polygon zkEVM – Devs come to the rescue, but is MATIC impressed?

2min Read

Polygon Labs promised a detailed post-mortem of the entire episode early next week.

Polygon zkEVM resumes operations

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  • Daily transactions on Polygon zkEVM bounced back to over 12k on the 24th of March.
  • MATIC gained some positive momentum on zkEVM’s resolution.

Polygon [MATIC] zkEVM resumed operations after developers fixed the bug that left the zero-knowledge (zk) rollup non-operational for much of the 23rd of March.

Back to normalcy

According to the update provided by Polygon Labs, an emergency state was activated, allowing developers to quickly investigate and resolve the problem.

After the fix, layer-1 (L1) settlement on Polygon zkEVM resumed like before. The emergency state was deactivated after the fix was issued.

Polygon Labs — which spearheads the development and growth of the broader Polygon ecosystem — promised a detailed post-mortem of the entire episode early next week.

It reiterated that the issue was restricted to just Polygon zkEVM and did not impact Polygon proof-of-stake (PoS) chain, or any other chains in the ecosystem.

The zk rollup experienced a significant downtime due to an issue with its blockchain sequencer.

For the uninitiated, a sequencer lies at the heart of L2 operations, batching transactions together before shipping them to the Ethereum base layer for final settlement.

The bug halted block production, thereby disrupting the flow of transactions altogether.

However, latest data scanned by AMBCrypto indicated that normalcy has returned to the network.

Daily transactions on the scaling solution bounced back to over 12k on the 24th of March, according to Polygon zkEVM Explorer.

Polygon zkEVM transactions

Source: Polygon zkEVM Explorer

Polygon zkEVM’s stall comes following outages in other major smart contracts chains lately.

Last month, Solana’s [SOL] and Avalanche [AVAX] suffered network paralysis, rendering the two unusable for a considerable period.

How did MATIC respond?

Meanwhile, the ecosystem’s native token, MATIC, gained some positive momentum on zkEVM’s resolution, rising 3.75% in the last 24 hours, per CoinMarketCap.


Read Polygon’s [MATIC] Price Prediction 2024-25


However, investors remained pessimistic, as reflected by the negative Weighted Sentiment indicator.

MATIC negative investor sentiment

Source: Santiment

The asset lost 5% of its value in the past week, in line with the broader market trend. Its monthly performance, however, paled in comparison to other major cryptos with similar appeal.

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Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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