Zilliqa, a popular public and permissionless blockchain network, has endured a downtime in the early hours of Monday. According to a statement released today by the project’s core team on X (formerly Twitter), the network is battling a “critical situation” which resulted from a technical issue. As revealed, the technical issue triggered the interruption of block production on the network.
Despite the downtime, the project’s team insisted that users’ funds are SAFU. In addition, Zilliqa urged users to remain calm if they can’t find some of their funds in their wallets. The team went on to provide a link where users can confirm their funds on-chain.
Furthermore, Zilliqa beseeched users and partners to halt the deposit and withdrawal of funds on the network for the time being. Also, through the statement, the team revealed that its technical team is presently working to “identity and resolve” the issue.
Meanwhile, the news about the downtime on Zilliqa has raised concerns among the crypto community, and most especially users of the network. Consequently, users of Ziliqa are skeptical if it hasn’t suffered a cyber attack. Nonetheless, as of press time, the project’s team is yet to unravel the catalyst behind the downtime or disclose if the network has truly suffered an attack.
Side note on Zilliqa
On the flip side, the native token of Zilliqa, ZIL, has endured a sharp decline since the inception of the downtime. According to Coinmarketcap, the token started the day with a positive value of $0.02335. Presently, ZIL has dipped by a noticeable value and it is trading at $0.02228.
Since the launching of its mainnet in June 2019, various decentralized applications have been deployed on Zilliqa. During the year, Zilliqa partnered with Oxford University to encourage diversity in the blockchain and crypto landscape by organizing various workshops. Then, the project organized the workshops on the premises of the university.
Zilliqa, during the program, exposed the participants to the fundamentals of blockchain and other technical topics. Likewise, the project focused on exposing students of the university to the basis of running a blockchain-oriented business. At the end of the workshop, Zilliqa awarded a portion of its $5 million ecosystem fund to some selected students.
The success of the initiative and some other notable features Zilliqa introduced skyrocketed its reputation among users and developers. More so, the network gained more recognition in October 2020 after it incorporated staking and yield farming features for users. Lastly, data provided by DeFiLlama indicated that the Total value locked (TVL) on Zilliqa is worth $3.99 million.