The $383 million Zilliqa ecosystem is experiencing disruptions due to a "critical situation" impacting the network.
According to a Dec. 18 post by developers, the Zilliqa blockchain faces a "technical issue that has resulted in an interruption to block production." Blockchain data shows that daily transactions on Zilliqa subsequently plunged by roughly 50% to 30,906, compared to an average of 61,000 in the past few days.
Activity has since paused, with the last transaction occurring at around 11 AM UTC with no new blocks being produced since then. "The team are working hard to recover the network," wrote Matt Dyer, Zilliqa's CEO in a follow-up.
Related: Zilliqa teases Web3 gaming console, Funko teams up with Warner Bros
"This unexpected challenge is our top priority and our technical team is working to identify and resolve the problem," said developers, warning that all partners should "temporarily halt any deposits or withdrawals on the network" as the issue is being resolved. However, developers emphasized that "funds are SAFU," and users can still check for their on-chain wallet balance using the Zilliqa block explorer after reports surfaced of users being unable to see token balances within their Zilliqa wallet.
"No action is required on users' ends. Just wait for the network to be restored, and things will be back to normal," said a community moderator on Zilliqa's official Discord.
Founded in 2017 in Southeast Asia, Zilliqa launched its mainnet the following year and is dedicated to blockchain scalability, along with a metaverse venture. The network has processed 61.4 million transactions since inception. Even before the current network outage, however, Zilliqa's blockchain saw relatively few transactions per second in terms of utilization rate.
