Polygon Foundation Links Network Outage to 'Validator Exit'

Key Points

1. A 'validator exit' caused Polygon's Heimdall validation layer to halt progress, while Bor, its proof-of-stake chain, continued producing blocks.

2. The Polygon Foundation stated that the issue was being addressed, but some services remained disrupted as of 3 p.m. ET.

3. Polygon's POL token (formerly MATIC) saw a 2% price drop in 24 hours, trading around $0.21 at the time.

4. The network recently underwent a 'technically complex' upgrade, which included transitioning to a new token and upgrading Heimdall.

5. Polygon supports $1.2 billion in decentralized finance (DeFi) assets and $2.8 billion in stablecoins.

6. This is not the first outage; Polygon's zkEVM network experienced a 10-hour downtime last year, and a node issue caused an 11-hour outage in March 2022.