The Zilliqa ecosystem, valued at $383 million, has encountered significant disruption due to a "critical situation" affecting its network.
As detailed in a developer's post on December 18, technical issues have led to a block production outage within the Zilliqa blockchain. This unexpected challenge caused a drastic decline in daily transaction volume, dropping by approximately 50% to 30,906 transactions compared to an average of 61,000 transactions in recent days, based on blockchain data.
Following this disturbance, activity has ceased, with no new blocks being produced since the last transaction around 11 am UTC. Zilliqa CEO Matt Dyer emphasized the team's dedication to resolving the issue swiftly, stating that rectifying this unexpected challenge is their top priority. In response, they advised all network partners to temporarily halt any deposits or withdrawals until the problem is resolved.
Despite the disruption, developers assured the safety of funds, affirming that users could still verify their on-chain wallet balances through the Zilliqa block explorer. However, reports emerged of users encountering difficulties in viewing token balances within Zilliqa wallets.
A community moderator on Zilliqa's official Discord assured users that no immediate action is required from their end, encouraging them to await the network's recovery, assuring that everything would return to normal once the network is operational again. Established in Southeast Asia in 2017, Zilliqa launched its mainnet in the subsequent year, focusing on scalability within blockchain technology and fostering Metaverse entrepreneurship. Despite processing 61.4 million transactions since its inception, Zilliqa's blockchain had relatively fewer transactions per second even before the recent network outage.
