MATIC Price To Incur A 25% Correction! Is Polygon Following Solana’s Footsteps?

The post MATIC Price To Incur A 25% Correction! Is Polygon Following Solana’s Footsteps? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

 The global crypto market’s prominent layer-2 protocol Polygon is now the talk of the town. Polygon has been trending on Twitter with over 72k mentions. The steam around Polygon comes following a downtime that electrocuted the network for over hours. Which was a result of a bug in the upgrade.

Users and investors of the tech fume following the outage in the network, question the credibility of the network. Successively, critics continue to lash the team with criticism. While a resolution coming after 17+ hours of anxiety brings relief. The community fears the possibility of recurring outages in the future.  

Behind Polygon’s Nerve-Wracking Downtime!

  About 18 hours prior to press time, the Polygon team had brought to the notice of its users. That more than 2.6 B MATIC worth over $3.9 B, is being staked in the Polygon validator ecosystem. It is to note that, while all the 100 validator slots were taken. The Polygon team was working on a new onboarding system to ensure efficient performance. 

The Polygon team has been keeping the users in line with the developments and status of the network. The first update comes as the team has been looking into an issue with Tendermint implementation. Which is used by one of the two layers of the Polygon PoS chain.

The issuance of the update also brought to the notice that all user funds and data remain fully secure. But holds a potential threat of Polygon PoS users experiencing downtime occasionally. The next update cites that due to the issues with Tendermint implementation users can expect downtime starting at  5:00 pm UTC.

Successively, about 8-hours prior to the time of writing the Polygon PoS had resumed operations. Following the deployment of a temporary hotfix to resolve the issue. That said, while Polygonscan.com was underworked, Polygon bridge was inactive. The Polygon network is now live after 17+ hours of downtime. It is worth mentioning that Alchemy has been to the rescue, amidst issues with Polygon. 

Polygon Faces The Wrath Of Users, But MATIC Stands Tall? 

  The Polygon team has been facing the wrath of users and criticism, following the obnoxiously long downtime. While users did hold patience for a couple of hours, the growing delay did enrage sections. Who did question the credibility of the network?

In succession, a bug in the recent upgrade has been the suspect to have effects on the consensus. Which led different Heimdall validators to be on different versions of the chain. Heimdall is the third layer out of the network’s three layers and is a set of PoS nodes that help the network reach consensus. 

MATIC price at the time of press is trading at $1.45, with gains of 1.80%. Whilst the market cap is hovering around $11,130,862,783. The volume of trades since the previous day is down by 2.02% at $913,538,730. MATIC price has been trading in the -hour bandwidth from the lows of $1.41 to the highs of $1.46.

Concluding, MATIC’s price has been standing firm despite the outage in the network. Which has been commendable, and has been receiving praises from the community. However, the downtime did chain the bulls from a surge of 20%. That said, sections of users still hold concerns about the network’s efficiency. Which the makers will have to address in due course of time.