On Tuesday, March 15, 2022, the world's largest exchange by trading volume Binance announced it would suspend deposits and withdrawals for the Polygon Network (MATIC).
The announcement comes after the Polygon network was shut down on March 11 following a network upgrade. They will reopen the deposit and withdrawal features when the network becomes stable.
The Polygon network is a Grade 2 Ethereum chain solution that boasts millions of users and a growing ecosystem. The network said it had encountered a network-wide issue that caused transaction congestion and had undergone an essential upgrade on one of the three classes, but due to a suspicious three-layer error failed to achieve consistency after the upgrade, resulting in a downtime.
The Polygon developer account on Twitter announced that the problem had been fixed and that the network had stabilized. Binance is currently upgrading its Nodes and synchronizing data, so it needs to temporarily stop working. https://twitter.com/0xPolygonDevs/status/1503075486494126081?
The Polygon network is made up of three layers, each of which will serve a separate purpose. The Ethereum class runs smart contracts (these smart contracts handle the final stages of transactions, staking, and communication between Ethereum and various Polygon chains) while the Bor layer supports the creation of blocks. The error was in the third Heimdall class.
The suspected error caused the Heimdall validators to become different on different versions of the chain, thus failing to achieve 2/3 of the consistency. Although a power outage for several hours was expected and was also reported by the Polygon team, the incident lasted 11 hours and hindered many projects as well as worried traders.
The Polygon network fixed another upgrade bug in December 2021 after a partner discovered the security vulnerability. According to the latest announcement, the network has started creating blocks in time, and the team ensures that the network error has been processed.
