Binance Halts Polygon Withdrawals And Deposits To Sync Nodes

Binance halts Polygon withdrawals and deposits in order to sync the nodes as the bug issue has been resolved and now the network is stable so let’s read further in today’s Binance news.

Binance, as the world’s biggest crypto exchange by trading volume, said it will halt deposits and withdrawals temporarily for Polygon’s Network. The announcement came after the Polygon outage with the exchange noting that it will reopen the deposit and withdrawals features once the network is stable.

🔼 Update

Bridge features like deposits, withdrawals, and state sync have also resumed concluding the full recovery of the Polygon PoS infra.
All funds were safe during the resolution of this issue.

Read the latest update below 👇

[https://t.co/e0aFIFcBcT]

— Polygon Developers 💜 (@0xPolygonDevs) March 13, 2022

The network is a layer-2 ETH Scaling solution whcih boasts millions of users and has an evolving ecosystem. The network underwent an upgrade on its three layers but due to a suspected bug, the layers didn’t reach the consensus post the upgrade which led to a downtime. The Polygon developers noted that the bug issue was fixed and the network is still stable but also clarified that Binance is upgrading the nodes and syncing the data which is why there was a halt.

The Polygon network has three layers and each one serves a distinct purpose. The ETH layer runs smart contracts while the Bor Layer helps in generating blocks and the fault lies in the third Heimdall layer.
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The bug caused the different Heimdall validators to be on different versions of the chain and hasn’t reached the 2/3 consensus. The outage for a few hours was expected and was notified by the Polygon team with the 11-hour extended outage which became a reason for concern for most projects and traders.

The Polygon network fixed another upgrade bug back in 2021 after the security partner discovered a bug that can put $24 billion worth of funds at risk. As per the latest Polygonscan data, the network started producing timely blocks and the team assured the network bug was taken care of.

As recently reported, Binance Holdings LTD is now in deliberations over a license to operate in Dubai and boost its presence in the Middle East. Binance anticipates an accreditation to operate as a service provider in the Dubai World Trade Centre free zone as soon as possible which came after the EU clarified that crypto is getting under the sanctions imposed by the regulators upon Russia and Belarus. The country passed a new law regarding the governance of virtual assets.