The team is working tirelessly to keep a watchful eye on the network’s stability and uncover the source of the recent outages. As word spread of the network’s revival, the value of Zilliqa’s native token, ZIL, took a sharp dive.
According to CoinMarketCap, the coin plummeted by 1.8% in just 24 hours. But amidst the chaos, there was a glimmer of hope as token trading spiked by a whopping 7%, with over $15 million in transactions in the past day.
On the fateful day of May 8, the network encountered a major roadblock. Block generation slowed to a crawl and transaction processing came to a screeching halt, leaving users in a state of panic. But just when all seemed lost, the protocol sprang into action, clearing the mempool and restoring normalcy within 30 minutes.
The developers, however, were not off the hook yet. They embarked on a thorough investigation to uncover the cause of the incident, only to discover that the network was still grappling with issues the very next day.
Enter the world of Zilliqa, where brilliant technical minds have crafted internal testnets to uncover and conquer pesky bugs. With much anticipation, the team has unleashed a powerful software update, alongside a captivating v9.3.4 animation, and proudly declared the resurrection of the blockchain.
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As the sun set on May 9, the developers hung their heads in defeat. Despite their tireless efforts, the pesky culprits behind the network shutdowns still lingered. But fear not, for the company swiftly reassured its users that their funds were secure and readily accessible through the trusty blockchain explorer.
In the midst of a chilly December in 2023, the Zilliqa network was faced with a daunting challenge – the processing of blocks came to a sudden halt, leaving the team scrambling for a solution.
This was not the first time the network encountered such issues, as just a few months prior in July 2022, a glitch in the smart contracts forced the team to restart the entire protocol.