Binance temporarily halts Polygon deposit and withdrawal to sync nodes

Published at: March 15, 2022

Binance, the world’s biggest crypto exchange by trading volume, announced earlier on Tuesday that it will be temporarily pausing deposits and withdrawals for Polygon (MATIC) Network.

The announcement came in the wake of the Polygon network’s outage since March 11 after a network upgrade. The crypto exchange noted that it would reopen the deposit and withdrawal features once the network becomes stable.

Polygon network is a layer-2 Ethereum scaling solution that boasts millions of users and an evolving ecosystem. The network underwent an essential upgrade on one of the three layers on March 11, but due to a suspected bug, the three layers didn’t reach a consensus post the upgrade, leading to the downtime.

Polygon developer account on Twitter noted that the bug issue had been fixed, and the network is stable. It also clarified that Binance is currently upgrading its nodes and syncing data, hence the temporary halt.

Polygon PoS network is stable, and working fine. All funds are safe. Binance is upgrading its nodes, and currently syncing the block data, hence they have paused the deposit and withdrawal.https://t.co/hnhXp3AWga

— Polygon Developers (@0xPolygonDevs) March 15, 2022

The Polygon network is made up of three layers, each of which serves a distinct purpose. The Ethereum layer runs smart contracts while the Bor layer aids in generating blocks. The fault lies in the third Heimdall layer.

Related: Polygon’s focus on building L2 infrastructure outweighs MATIC’s 50% drop from ATH

The suspected bug caused different Heimdall validators to be on different versions of the chain, thereby not reaching 2/3 consensus. While the outage for a few hours was expected and was also notified by the Polygon team, the 11-hour extended outage became a reason for concern for many projects as well as traders.

Polygon network has fixed another upgrade bug back in December 2021 after a security partner discovered a vulnerability that could have put $24 billion worth of funds at risk. According to the latest Polygonscan data, the network has started producing timely blocks and the team has assured that the network bug has been taken care of.

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Blockchain
Ethereum
Cryptocurrency Exchange
Defi
Binance
Polygon
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Dapps
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