Zilliqa Blockchain Faces Disruption Due to "Critical Situation"

Network Interrupted, Daily Transactions Plunge by 50%

The Zilliqa blockchain, a $383-million ecosystem, is currently experiencing disruptions as a result of a "critical situation" impacting the network. Developers have identified a technical issue that has led to an interruption in block production, causing a significant decrease in daily transactions. Previously averaging around 61,000 transactions per day, the network is now seeing only 30,906 transactions. The last transaction occurred at approximately 11 am UTC, and no new blocks have been produced since then. The Zilliqa team is actively working to recover the network and resolve the problem.

Temporary Halt on Deposits and Withdrawals

As developers work to address the technical issue, they have advised all partners to temporarily halt any deposits or withdrawals on the network. This precautionary measure aims to ensure the safety and security of users' funds while the problem is being resolved. It is important for users to note that their funds are safe, and they can still check their on-chain wallet balance using the Zilliqa block explorer. No action is required from users' side, and once the network is restored, everything will return to normal.

Zilliqa's Background and Transaction History

Zilliqa, founded in 2017 in Southeast Asia, launched its mainnet the following year. The platform focuses on blockchain scalability and a metaverse venture. Since its inception, the network has processed a total of 61.4 million transactions. However, even prior to the current network disruption, Zilliqa's blockchain had relatively low transaction volumes per second compared to its overall utilization rate.