Polygon’s zkEVM Mainnet Beta has resumed operations following an emergency intervention. This move, orchestrated by the Emergency Council for Polygon zkEVM Mainnet Beta, was crucial in implementing a necessary system fix.
This update was essential for resuming L1 settlement operations, marking a critical step in maintaining the integrity and functionality of the platform. The emergency state, initiated to facilitate this upgrade, was a testament to the swift and efficient response of the Polygon zkEVM Core Team.
Polygon zkEVM Mainnet Beta has resumed operations.
The Emergency Council for Polygon zkEVM Mainnet Beta activated the emergency state to allow the Polygon zkEVM Core Team to apply a necessary fix to the system, allowing L1 settlement of Polygon zkEVM Mainnet Beta to resume. Upon…
— Polygon | Aggregated (@0xPolygon) March 25, 2024
The successful application of the fix led to the deactivation of the emergency state, ushering in a new protocol. Under this protocol, any future system updates will now undergo a 10-day timelock period before implementation. This measure is set to enhance system stability and ensure thorough vetting of any changes. The Polygon community can anticipate a detailed post-mortem report on these events in the upcoming week, providing insights into the challenges and solutions encountered.
Impact and Scope
It is crucial to note that this development specifically pertains to Polygon zkEVM Mainnet Beta. Other aspects of Polygon’s ecosystem, including Polygon PoS, Polygon CDK, and chains deployed using Polygon CDK, remain unaffected. This delineation underscores the isolated nature of the issue and its resolution.
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The resolution of this issue was a collaborative effort, involving both the Emergency Council members and the dedicated teams of engineers. Their combined efforts over the weekend were pivotal in swiftly addressing and rectifying the situation, showcasing the strength and responsiveness of the Polygon community.
Market Dynamics of Polygon (MATIC)
Polygon’s MATIC has experienced a dynamic week. As of this press, the price of MATIC stands at $1.02, with a 24-hour trading volume of $351,106,841.45. This figure represents a 2.73% increase in the last 24 hours but also highlights a 4.14% decline over the past week. With a circulating supply of 9.3 billion MATIC, its market cap currently sits at $9,494,846,192.
Source: CoinGecko
In comparison to broader market trends and similar cryptocurrencies, MATIC’s performance has been mixed. While the global cryptocurrency market has seen a marginal increase of 0.10%, MATIC’s 4.10% decline over the past week indicates a slight underperformance, especially when compared to similar FTX Holdings cryptocurrencies, which have risen by 11.40%.
