Zilliqa developers have successfully restored network functionality following issues with block generation. The team is actively monitoring the network’s stability and working to identify the root cause of the recent outages.
After the network resumed operations, Zilliqa’s native token, ZIL, experienced a 1.8% decrease in value over the last 24 hours, according to data from CoinMarketCap. Despite this, token trading saw a sharp increase of 7%, totaling over $15 million in trading volume in the same time period, suggesting that traders may be looking to sell assets in response to the technical difficulties.
On May 8, the network experienced a slowdown in block generation, leading to a temporary halt in transaction processing. However, the protocol was able to clear the mempool and return to normal operation within 30 minutes.
Developers continued to investigate the incident and acknowledged ongoing network issues the following day. They created internal testnets to address identified bugs and released a software update alongside the scheduled v9.3.4 update to restore the blockchain.
Despite their efforts, developers admitted by the evening of May 9 that they had not completely resolved the underlying causes of the network shutdowns. However, they assured users that their funds were secure and could be verified through the blockchain explorer.
Zilliqa has faced similar challenges in the past, with network disruptions occurring in December 2023 and protocol restarts needed in July 2022 due to smart contract glitches.
In other news, Zilliqa has partnered with GMEX to launch a blockchain carbon offset platform.