03-17-2022 icon

Binance Briefly Halts Incoming and Outgoing Polygon Payments to Sync Nodes

By Lucy Adegbe
Curve Finance

Polygon has affirmed that the ephemeral stop by Binance exchange was to push through with certain synchronization and upgrades of nodes to achieve a more stable network with fewer bug effects. 

The world’s most renowned cryptocurrency exchange in terms of its trade flows, Binance, disclosed that it would undergo a momentary halt on withdrawals and deposits for Polygon’s Matic Network. 

The report which was aired on Tuesday was in response to Polygon’s service interruption from the initial upgrade. According to the crypto exchange, trades will resume as soon as there is stability in its network. 

The polygon system is subdivided into three distinct layers which are useful for different purposes with its advancing ecosystem. Bor helps to generate blocks and Ethereum – smart contract Ethereum – helps to run through legal processes. Heimdall is the third layer that experiences the faults. 

The network had fixed a bug issue, caused by some security personnel discoveries that could have endangered billions of funds, around December 2021. Then, it went through with another upgrade on one of its layers on the 11th of March. However, as a result of some presumed bug interruption, the upgrade didn’t quite blend with all three layers causing an intermission. 

Following this, Polygon, through its developer Twitter account, recounted in a tweet that the bug challenge had been fixed, making the network more stable. It furthermore highlighted that Binance was working on some nodes upgrade and synchronization leading to a brief halt.