Binance Temporarily Stops Polygon Deposit and Withdrawal to Sync Nodes

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

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

Polygon Network is a layer-2 Ethereum scaling solution with millions of users and an evolving ecosystem. The network underwent a critical upgrade of one of the three tiers on March 11, but due to a suspected bug, the three tiers failed to reach consensus after the upgrade, leading to the downtime.

Polygon developer account on Twitter noted that the bug issue was resolved and the network is stable. It also clarified that Binance is currently upgrading its nodes and syncing data hence the temporary shutdown.

The Polygon network consists of three layers, each of which serves a different purpose. The Ethereum tier executes smart contracts while the Bor tier helps generate blocks. The fault lies in Heimdall’s third layer.

Related: Polygon’s Focus on Building L2 Infrastructure Outweighs MATIC’s 50% Drop in ATH

The suspected bug caused several Heimdall validators to be in different versions of the chain, thus failing to achieve a 2/3 consensus. Although the outage of a few hours was expected and also reported by the Polygon team, the 11-hour outage became a concern for many projects and merchants.

Polygon Network fixed another upgrade bug in December 2021 after a security partner discovered a vulnerability that could have compromised $24 billion in funds. According to the latest Polygon scan datathe network has started producing timely blocks and the team has assured that the network bug has been fixed.

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