Zilliqa on-chain transactions plunge amid ‘technical issue’

ZIL CRYPTO_NEWS

Update December 18, 2023 10:09PM UTC: The Zilliqa mainnet has been restored and is now fully operational.

The $383-million Zilliqa ecosystem is experiencing disruptions due to a “critical situation” impacting the network.

According to a Dec. 18 post by developers, the Zilliqa blockchain faces a “technical issue that has resulted in an interruption to block production.” Blockchain data shows that daily transactions on Zilliqa subsequently plunged by roughly 50% to 30,906, compared to an average of 61,000 in the past few days.

Activity has since paused, with the last transaction occurring at around 11 am UTC, with no new blocks being produced since then. “The team are working hard to recover the network,” wrote Matt Dyer, Zilliqa’s CEO, in a follow-up.

“This unexpected challenge is our top priority and our technical team is working to identify and resolve the problem,” said developers, warning that all partners should “temporarily halt any deposits or withdrawals on the network” as the issue is being resolved.

However, developers emphasized that “funds are SAFU,” and users can still check their on-chain wallet balance using the Zilliqa block explorer after reports surfaced of users unable to see token balances within their Zilliqa wallet.

“No action is required on users’ ends. Just wait for the network to be restored, and things will be back to normal,” said a community moderator on Zilliqa’s official Discord.

Founded in 2017 in Southeast Asia, Zilliqa launched its mainnet the following year and is dedicated to blockchain scalability and a metaverse venture. The network has processed 61.4 million transactions since its inception. Even before the current network outage, however, Zilliqa’s blockchain saw relatively few transactions per second regarding utilization rate.

Source : Cointelegraph / Dec 18, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.