Zilliqa successfully resolves issues with block generation, restoring its blockchain
Zilliqa developers have officially announced that they have successfully resolved the issues with block generation, restoring full functionality to the network. The team is currently closely monitoring the stability of the network and actively working to identify the root cause of the recent outages.
In response to the news of the network’s resumption, Zilliqa’s native token, ZIL, experienced a slight decline. According to data from CoinMarketCap, the coin fell by 1.8% in the past 24 hours.
Interestingly, token trading has seen a significant increase, rising by 7% and reaching a trading volume of over $15 million in the last 24 hours. This surge in trading activity suggests that traders may be starting to sell their assets in response to the recent technical difficulties.
On May 8, the network experienced a slowdown in block generation, leading to a complete halt in transaction processing less than an hour later. This pause allowed the protocol to clear the mempool and resume normal operations after a brief 30-minute interruption.
Following the incident, developers initiated an investigation to determine the cause, which led to the admission the next day that network problems persisted. In an effort to rectify the situation, technical specialists developed internal testnets to test fixes for the identified bugs. Zilliqa subsequently released a necessary software update, along with the scheduled v9.3.4 update, and announced the successful restoration of the blockchain.
Despite these efforts, developers acknowledged by the evening of May 9 that they had not been able to completely eliminate the underlying causes of the network shutdowns. However, the company reassured users that their funds were secure and encouraged them to verify their balances through the blockchain explorer.
It is worth noting that Zilliqa had previously faced similar challenges in December 2023, when the network processed blocks for less than half a day. Additionally, in July 2022, the team had to restart the protocol due to a glitch in the smart contracts.
In other news, Zilliqa has recently partnered with GMEX to launch a blockchain carbon offset platform, further expanding its reach and impact in the blockchain industry.
