• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Zilliqa's $383M ecosystem in peril: blockchain hit by critical issue

Zilliqa's $383M ecosystem in peril: blockchain hit by critical issue

user avatar

by Liza Tanasova

2 years ago


The Zilliqa blockchain, with a valuation of $383 million, is currently facing significant disruptions due to what developers have labeled a "critical situation" impacting the network. In a post on December 18, developers disclosed that a technical issue has arisen, leading to an interruption in block production. This development has resulted in a notable drop of approximately 50% in daily transactions, plummeting to 30,906 from an average of 61,000 in recent days.

As the Zilliqa team strives to overcome this unexpected challenge, Matt Dyer, the CEO of Zilliqa, emphasized the urgency of addressing the issue, stating that their technical team is actively working to identify and resolve the problem. In response to the situation, developers have issued a cautionary directive for all partners to temporarily suspend any deposits or withdrawals on the network until the issue is successfully resolved.

Despite the disruption, developers have reassured the community that user funds are secure, urging users to remain patient as the team works towards restoring the network to normal operation. Users have been advised to check their on-chain wallet balance using the Zilliqa block explorer, addressing concerns raised by some users who reported difficulties viewing token balances within their Zilliqa wallets.

The Zilliqa network, established in 2017 in Southeast Asia, launched its mainnet the following year, focusing on blockchain scalability and venturing into the metaverse space. Prior to the recent network disruption, Zilliqa's blockchain had already been experiencing relatively low transaction rates per second concerning its utilization rate.

This incident comes at a crucial time for the Zilliqa community and its broader ecosystem, raising questions about the resilience of blockchain networks and the measures in place to handle unexpected technical challenges. As the development team diligently works to resolve the issues, the industry will be closely watching the outcome and the lessons learned from this critical situation on the Zilliqa network.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Bit Digital Makes $67.3 Million Ethereum Purchase, Strengthening Its Holdings

chest

Bit Digital invests $67.3 million in Ethereum, raising total holdings to nearly 120,306 coins.

user avatarGiorgi Kostiuk

Block Inc. Joins S&P 500, Replacing Hess Corp.

chest

Block Inc. will replace Hess Corp. in the S&P 500, potentially impacting Bitcoin's acceptance by institutional investors.

user avatarGiorgi Kostiuk

XRP Sets New Record Following Legislative Changes

chest

XRP hit $3.66, surpassing previous records due to increased investor interest and the expected signing of the GENIUS Act.

user avatarGiorgi Kostiuk

MEI Pharma and Litecoin: New $100 Million Treasury Strategy

chest

MEI Pharma has announced a $100 million treasury strategy with Litecoin, led by Litecoin creator Charlie Lee. Market reaction was volatile.

user avatarGiorgi Kostiuk

Merkel Urges for a Cohesive EU Response to US Tariffs

chest

Merkel calls for EU unity in response to US tariffs that may disrupt trade chains.

user avatarGiorgi Kostiuk

PUMP Token's Price Drops by 75% Following ICO

chest

PUMP token's price falls by 75% post-ICO due to major sell-offs from whale investors.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.