As an experienced analyst, I’ve seen my fair share of blockchain network disruptions, and Zilliqa’s recent issues are concerning. The temporary shutdown of the network and the subsequent restoration of functionality have become all too familiar for the team and their community.
Zilliqa team reported that the entire network functionality has been successfully restored following issues with block creation.
As a crypto investor, I want to share that the team has assured us they’re actively working on identifying the source of the latest network instability issues and are diligently working to restore normal operations as soon as possible.
The Zilliqa network has been reactivated after encountering interruptions in block creation on its main platform. Normal transaction processing has been resumed, and the network is functioning effectively once more. Our infrastructure team remains vigilant, continuously assessing the network’s stability.
— Zilliqa (@zilliqa) May 10, 2024
After the announcement that the network would restart, Zilliqa’s native token, ZIL, experienced a decrease. Based on information from CoinMarketCap, the token declined by 1.8% within the past 24 hours.
Simultaneously, there’s been a significant surge of 7% in token trading volume, surpassing $15 million within the past day. This rise may suggest traders are considering offloading their assets due to the recent technical difficulties.
As a researcher observing the network’s behavior on May 8, I noted that the block generation process was deliberately slowed down. Consequently, transaction processing came to a halt within the hour. This pause in transactions enabled the protocol to clear the mempool, effectively resolving any congestion issues. Normal operations were then restored approximately thirty minutes later.
Yesterday, developers reported they were looking into the issue’s source, but later acknowledged persistent network troubles had not been resolved.
Specialists within the technical team set up private testing networks to verify solutions for presumed glitches they’d identified. Zilliqa rolled out a software upgrade, accompanied by the anticipated v9.3.4 release, and declared that the blockchain was being restored.
By the end of May 9th, developers acknowledged that they had not fully resolved the issues behind the network interruptions. Yet, the business reassured that all funds were secure and users could verify their account balances via the blockchain explorer.
To our valued community,
— Zilliqa (@zilliqa) May 9, 2024
As a researcher looking into the history of Zilliqa’s blockchain network, I came across two significant issues. The first one occurred in December 2023 when the network failed to process blocks for approximately half a day. The second incident took place in July 2022, resulting in the team having to restart the entire protocol due to a smart contract glitch.
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2024-05-10 19:40