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Priyanka Jadhav
Mar 15, 2022
by Priyanka Jadhav

Deposits and Withdrawals on Binance Via Polygon Network Kept On Hold

Binance Polygon

Table of contents

  1. How Does The Issue Persist?
  2. How To Get It Fixed?
Earlier this month, the blockchain scalability network, Polygon (MATIC) Network began facing network difficulties. This led to transaction blockages that halted crypto exchanges across the platform.

How Does The Issue Persist?

The official website of Binance, the Polygon Network includes three layers - Ethereum Layer, Bor Layer, and Heimdall Layer. Ethereum and Bor layer help in seamless running of smart contracts. It is the third layer, Heimdall, where the problem lies. Heimdall is a network consisting of proof-of-stake nodes that help in reaching the consensus.

Binance has temporarily paused its services of withdrawals and deposits due to the persisting concern. In addition, Binance has started assisting Polygon in resolving the issues as well. Thereby, Binance took to Twitter to update its users.

How To Get It Fixed?

In the past as well, Polygon has faced several network and downtime issues. The last major bug that was fixed by Polygon cost a risk worth $24 Billion, however, was patched up without hassle as the former year ended.

Today, Polygon announced on Twitter about their platform being back to function and also declared their network working seamlessly. Polygon also assured its users that their funds are secured.

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Binance Polygon (Matic) network issues Ethereum Layer Bor Layer Heimdall Layer
Deposits and Withdrawals on Binance Via Polygon Network Kept On Hold
Priyanka Jadhav
Priyanka is an active crypto enthusiast. Having graduated with a BA in Journalism and Mass Communication, she is a passionate content writer with a strong understanding of financial content. She has been writing on crypto and blockchain-related topics for the last three years and is an active trader.

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