March 26, 2024

Polygon zkEVM Restored After Lengthy Outage

After being offline for over 24 hours, Polygon zkEVM is fully operational again.

Polygon zkEVM, a key scaling solution by Polygon, has successfully recovered from a substantial outage.

The disruption was first reported by Polygon on Saturday evening, attributing it to a sequencer fault stemming from layer 1 issues. Notably, Polygon clarified that the problem was isolated to zkEVM, with all other networks under Polygon's umbrella functioning normally.

After 27 hours, the Polygon team announced yesterday the restoration of zkEVM's regular operations, thanks to prompt action taken by its Emergency Council. Any future updates to the system will be subject to a 10-day timelock after exiting the emergency state mode.

This incident follows a challenging debut for Polygon zkEVM since its mainnet beta launch in March 2023. The network has struggled with throughput and total value locked (TVL) compared to competing zero-knowledge rollups, while transaction fees have remained high.

In August, Polygon zkEVM reached its highest daily throughput, processing just 1.41 transactions per second (TPS) over 24 hours. This places Polygon zkEVM at 26th out of 35 Layer 2 networks ranked by L2beat, with zkSync Era, a leading zero-knowledge rollup, topping the list at 62 TPS.

Despite its limited throughput, Polygon zkEVM's transaction fees have consistently surpassed those of zkSync Era, Starknet, and Linea throughout March.

Furthermore, Polygon zkEVM has been slow to grow its network TVL. Currently ranked 14th, it hosts $160 million worth of assets, whereas Starknet ranks sixth with $1.63 billion, zkSync Era ninth with $766 million, and Linea tenth with $441 million.

Polygon is gearing up to introduce support for EIP-4844 next month, which is expected to address some of these issues and enhance the network's performance and competitiveness.

Stay Connected
Join the conversation on 𝕏
@ahapcrypto
Make a Difference
Support our content creators
and help us stay ad-free
BTC: bc1q6nt2u2u539kjgfn5hj8g9f8xk2hnwuudlrlnr9
Cryptocurrency news & learning platform
All Rights Reserved © 2024