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<p class="is-style-lead">Polygon disclosed that its zero-knowledge Ethereum Virtual Machine (zkEVM) beta faces downtime due to a sequencer issue.&nbsp;</p> 
<p>In a recent update on X, Polygon (<a href="https://crypto.news/price/polygon/" target="_blank" rel="noreferrer noopener">MATIC</a>) attributed the issue to a problem with the blockchain sequencer.&nbsp;</p> 
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   <p lang="en" dir="ltr">Polygon zkEVM Mainnnet Beta faced an issue with its sequencer due to an L1 reorg. We are working on fully resolving the issue and will follow up with a detailed post-mortem.<br><br>This only impacts Polygon zkEVM (which is the only rollup) and does not impact Polygon PoS, Polygon CDK,…</p>— Polygon | Aggregated (@0xPolygon) <a href="https://twitter.com/0xPolygon/status/1771671172834283539?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 23, 2024</a>
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<p>Despite the setback, <a href="https://crypto.news/tag/polygon/" target="_blank" rel="noreferrer noopener">Polygon</a> stated that other facets of its ecosystem, such as its <a href="https://crypto.news/learn/what-is-proof-of-stake-pos/" target="_blank" rel="noreferrer noopener">proof-of-stake</a> (PoS) network and chains developed with the Polygon software development kit, remain unaffected.</p> 
<p>The network assured its community that it is actively working to resolve the issue and will provide a detailed post-mortem analysis once the matter is addressed.&nbsp;</p> 
<p>Anticipation continues to build for the release of the second-generation zkEVM, promising enhancements to boost performance. At the time of writing, Polygon had not provided any further updates regarding the status of the zkEVM mainnet beta.</p> 
<p> You might also like: <a href="https://crypto.news/humanity-protocol-polygon-animoca/"> Humanity Protocol secures investment from Polygon, Animoca founders </a> </p> 
<h3 class="wp-block-heading" id="polygon-journey-with-zkevm">Polygon journey with zkEVM </h3> 
<p>Polygon’s zkEVM initiative began in March 2023 with the launch of its mainnet beta. Its aim was to enhance smart contract deployment with increased finality and reduced costs.&nbsp;</p> 
<p>However, the journey hasn’t been without hurdles. Recall how blockchain security firm Verichains <a href="https://blog.verichains.io/p/discovering-and-fixing-a-critical" target="_blank" rel="noreferrer noopener">identified</a> a flaw last September. </p> 
<p>Collaborative efforts between Polygon and Verichains resolved the issue, underscoring the importance of robust security measures in blockchain ecosystems.</p> 
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   <p lang="en" dir="ltr">🚨Bug Disclosure<br><br>The team at <a href="https://twitter.com/Verichains?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Verichains</a> has just published a detailed blog on the critical vulnerability we discovered in Polygon's zkEVM. <br><br>A huge shoutout to <a href="https://twitter.com/0xPolygon?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@0xPolygon</a> for their swift action, ease of cooperation &amp; generous bug bounty!<br><br>&gt;&gt; Find out more here:… <a href="https://t.co/D51NoXe9s7" target="_blank">pic.twitter.com/D51NoXe9s7</a></p>— Verichains (@Verichains) <a href="https://twitter.com/Verichains/status/1770336347922034856?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 20, 2024</a>
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<p>As of the latest update, the incident has not notably impacted the price of MATIC. Over the past 24 hours, the coin has seen a modest increase of 0.9% and is currently trading at $1.00.&nbsp;</p> 
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<p>However, it has experienced a 5.5% decline over the past week and another 19% drop over the previous fortnight, in line with broader market trends.</p> 
<p>Polygon’s zkEVM outage adds to recent disruptions in the crypto market, highlighting the challenges of ensuring stable blockchain performance.&nbsp;</p> 
<p>This incident echoes similar outages, including a significant <a href="https://crypto.news/solana-network-resumes-operations-following-extended-outage/" target="_blank" rel="noreferrer noopener">downtime</a> on Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) on Feb. 6. The incident, which was Solana’s first in over a year, saw the blockchain halt transaction processing, with network engineers and validators from across the ecosystem mobilized to address the issue.</p> 
<p> Read more: <a href="https://crypto.news/polygon-meme-coin-sponge-v2-soars-26-reaching-100m-cap/"> Polygon meme coin Sponge V2 soars 26%, reaching $100m cap </a> </p>

Polygon zkEVM beta hits snag, MATIC price remains intact

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