MATIC withdrawals and deposits are temporarily suspended on Binance

by in Cryptocurrency News

Matic

The popular cryptocurrency exchange Binance announced last night that the deposit and withdrawal of coins from the Polygon - MATIC project will be temporarily suspended. This information was also confirmed by the developers of the digital asset directly.

The prehistory of the current situation lies in the update of the Polygon Network, which she officially announced on Friday by posting a corresponding post on her Twitter account. According to initial data, the pause in the project was supposed to be minimal, but it lasted more than 11 hours. That caused concern not only among traders and holders of MATIC but, apparently, among the partners of the startup.

Every day, starting from Friday evening, more and more new information about the current situation appears on the Internet. According to some information, within the Polygon Network, developers have found several errors, the correction of which takes more time than it seemed initially.

According to the statement of the project developers themselves, the problem was present, the error occurred in the functionality of one of the three network levels. So, Polygon has three layers, the first is Ethereum, which is responsible for launching smart contracts. The second one is called Bor and is responsible for block generation. And finally the third level - Heimdall. It was in it that a rift occurred during the update. The essence of the error was that the various validators could not "find their place in the chains of the network, not being located in their positions." This, according to Polygon's post, kept the ecosystem from reaching consensus for a long time after the update.

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Despite the difficulties that arose, Polygon, which has many millions of users, was able to eradicate all errors and return to stable operation. The developers of the network made a similar statement on Tuesday, almost in unison with Binance, which announced a pause in “collaboration” with Polygon.

After all this, it became quite normal that many users lost the logical connection between what was happening, because if Polygon got rid of all the problems, why is it still impossible to deposit and withdraw MATIC on Binance until today. With an increase in such questions from traders, Polygon made an official announcement in an attempt to reassure citizens.

“Polygon Network has fixed all kinds of bugs, moreover, we managed to fix several vulnerabilities that were discovered back in December 2021. Now the network is stable. As soon as the Binance exchange completes the node update and data synchronization, MATIC deposits, and withdrawals will immediately resume,” the developers noted, making it clear that everything depends on Binance at the moment.