Binance temporarily halts operations on the Polygon network

The exchange will reopen the deposit and withdrawal functions as soon as the network stabilizes

15.03.2022 - 12:45

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2 min

What’s new? The world’s largest cryptocurrency exchange by trading volume, Binance, has announced that it will temporarily suspend deposits and withdrawals for the Polygon network (MATIC). According to the company’s statement, this decision was made to synchronize the blockchain nodes. Once the network stabilizes, the exchange will reopen all functions for trading.

Binance’s announcement

What happened to Polygon? On March 11, the blockchain released a new upgrade, but because of a bug in the consensus mechanism, the network was temporarily disabled and did not release blocks for more than 11 hours. On March 13, the Polygon developers announced on Twitter that the problem had been fixed and the network is functioning stably.

Source: Twitter.com

The developers also explained that Binance is currently upgrading and synchronizing data with Polygon.

What is Polygon? This is a network of sidechains and Layer 2 (L2) secure solutions powered by Ethereum. Polygon operates on a Proof-of-Stake consensus algorithm. The main purpose of the blockchain is to reduce transaction fees and scale the network. We covered Polygon in detail in our article.

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