• Polygon’s blockchain explorer went down on Wednesday, February 22, sparking rumors that the entire Polyon blockchain had gone offline.
• The outage was caused by an “unusually large” block reorganization which caused some nodes to fail to validate blocks for a short period of time.
• Co-founder Sandeep Nailwal clarified the situation and most providers were back up within one hour.
PolygonScan Outage Causes Uproar
Polygon’s blockchain explorer went down yesterday, Wednesday, February 22, causing a lot of buzz and numerous rumors on Crypto Twitter (CT). The PolygonScan outage gave the impression that no transactions were taking place, prompting allegations from the Avalanche (AVAX) and Solana (SOL) communities in particular that Polygon was unreliable.
December 2022 Tweet Recalled
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Network Continues To Produce Blocks
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Explorer Back Up After Two Hours
Sandeep Nailwal quickly clarified the situation via Twitter writing: “It seems like PolygonScan is having some issues. You can use OKLink explorer in the meanwhile.” The issue took more than two hours for PolygonScan to resolve whereas Rivet was back up within one hour; however dapp developers relying on affected nodes faced difficulty in getting their services back online again.
Greg Lang from Rivet commented saying most providers didn’t handle this problem gracefully even though it wasn’t really a catastrophe but impacted more people than those who talked about it. In conclusion it can be deduced that while such situations can cause temporary disruptions in network performance they should be handled with care so as not cause unnecessary panic or confusion amongst users of various networks based on EVM technology or explorers related thereto
- Polygon MATIC is soaring today with a 11.31% price gain in 24 hours. Its market cap and trading volume have also increased by 11.46% and 18.39%, respectively.
- Tom Dunleavy, a senior research analyst at Messari, highlighted some of the recent developments on Polygon such as zkEVM (zero-knowledge Ethereum Virtual Machine) which is testing its security, decentralization, and scalability.
- Increased developers, addresses, and unlocked tokens have also contributed to the success of Polygon.
Polygon MATIC Soaring Today
Polygon MATIC is soaring today, with a price gain of 11.31% in 24 hours. Its market cap and trading volume have also spiked by 11.46% and 18.39%, respectively, showing increased utility and activity with the token. The gains are not surprising, given that Polygon has been focused on developing its ecosystem.
Tom Dunleavy Highlights Recent Developments
Tom Dunleavy, a senior research analyst at Messari, says the protocol is on the path to success. The researcher outlined some of the achievements of Polygon recently including its zkEVM (zero-knowledge Ethereum Virtual Machine). According to Dunleavy’s tweet, the technology will position the network for more Web3 developments as well as ensure mass adoption for the network and its coin due to its security and scalability features.
Increased Number of Addresses & Developers
Dunleavy also mentioned that Polygon’s number of addresses has increased by 90% quarter over quarter while 90% of MATIC tokens distributed are unlocked. Additionally, the number of developers has grown from 200 in 2018 to more than 1,000 currently – indicating higher growth potential for investors interested in the network’s success.
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• CryptoQuant’s Bitcoin Network Activity Index has gone up recently, indicating an increase in overall activity on the Bitcoin network.
• The reason for this surge is the rise of Ordinals NFTs, which are directly inscribed on the blockchain itself and inflate its block size.
• This increased activity is particularly noteworthy since it marks the highest level since May 2021.
CryptoQuant’s Bitcoin Network Activity Spikes
Network Activity Index
CryptoQuant, an on-chain analytics firm, has reported a significant uptick in activity on the BTC network. To measure this activity, CryptoQuant uses its “network activity index,” which evaluates four metrics: total number of active addresses; number of transactions; Unspent Transaction Output (UTXO) count; and block size. The graph below shows how the value of CryptoQuant’s network activity index has changed over the last few years:
Rise of NFTs
The recent surge in Bitcoin network activity can be attributed to increasing popularity of Non-Fungible Tokens (NFTs). These tokens are made possible through a protocol called “Ordinals” which stores images directly onto the chain using Taproot transactions. As these NFTs are written directly onto the blockchain, they also inflate its block size – resulting in a higher value for CryptoQuant’s network activity index.
This boost in BTC network activity has resulted in it reaching its highest level since May 2021. This milestone indicates that despite some bearish sentiment around Bitcoin lately, there continues to be strong demand for crypto assets and services that utilize blockchain technology like NFTs.
Bitcoin’s recent surge in network activity can be attributed to growing popularity of Ordinals NFTs which have been inscribed directly on the chain and have caused an increase in block sizes – thus driving up CryptoQuant’s “network activity index.” This uptick marks an all-time high since May 2021 and is evidence that there remains strong demand for crypto services utilizing blockchain technology like NFTs despite bearish sentiment around BTC lately.
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• Many crypto firms and startups suffered during the crypto winter of 2020.
• Chainalysis is one of the firms making a proactive move to prepare for 2023 by implementing restructuring strategies.
• The company plans to lay off some non-core personnel, especially its sales team, while reshuffling roles of other staff and creating a new organizational structure.
Crypto Winter Impacts Crypto Firms
Last year, many crypto firms and startups went under due to the turmoil in the space. In addition, the devastating impact of the crypto winter affected many businesses as prices of crypto assets fell below expected levels. As a result, many crypto-related firms have started implementing restructuring strategies right from the beginning of 2023.
Chainalysis Prepares For Reorganization
Chainalysis is one of the firms making a proactive move to prepare its grounds for the year. A report from Forbes revealed that the blockchain research company Chainalysis plans to lay off some of its employees. According to the report, Maddie Kennedy, the director of communications at the firm, stated that the company is restructuring. The company plans to lay off some non-core personnel, especially its sales team and then reshuffle roles of other staff while creating a new organizational structure.
Reasons Behind Restructuring
Chainalysis mentioned that this layoff was necessary to cushion againstthe impact of decline in business in private sector users who had dropped their transactions in crypto as they were becoming more cautious about increasing losses in industry from last year. Further, Chainalysis indicated that its restructuring plan also aims at refocusing on new areas including products suitable for financial sectors while targeting public clients like Robinhood (an online brokerage) and BNY Mellon (a custodian bank).
Layoff Part Of Company’s Refocus Strategy
The blockchain analytics firm dismissed 44 out of its 900 staff which represents 4.8%of its workforce as part of their reorganization plan to help refocus their business strategyin 2023. This will include creating new products suitable for financial sectors whiletargeting public clients like Robinhood (an online brokerage) and BNY Mellon(a custodian bank). The firm boasts several private-sector customers such as theseentities have contributed to about 60%of sales for Chainalysis in past years accordingto reports from Forbes revealed..
chainalysis’s restructuring plan is necessary as it looks to create new products suitablefor financial sectors while targeting public clients like Robinhood (an onlinebrokerage) and BNY Mellon (a custodian bank). It has also dismissed4 4 outofits 900 staff which represents 4 8%of workforce as partoftheir reorganization plan refocusbusiness strategyin2023 .