Polygon, a layer-2 scaling solution for Ethereum, has announced that its zero-knowledge Ethereum Virtual Machine (zkEVM) is experiencing downtime because of an issue with its blockchain sequencer. Polygon clarified that this problem is specific to zkEVM and does not affect any other chains deployed using the Polygon chain development kit (CDK).

The blockchain sequencer, responsible for organizing and combining transactions into batches before relaying them to the Polygon zkEVM smart contract on Ethereum’s main network, is the source of the problem, according to Polygon.

Polygon is working to fully resolve the issue and plans to release a detailed post-mortem statement once the matter is resolved.

Some users on social media platforms like X have been questioning the lack of discussion surrounding the extended network downtime. This incident follows a significant outage experienced by the Solana network just a month prior.

In March 2023, Polygon launched zkEVM to its mainnet beta to enable developers to deploy smart contracts with increased finality and lower costs. The open-source zkEVM aims to scale decentralized applications through transaction batching, offering higher performance.

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According to Blockchain data, the new token was created at 09:06 UTC on October 25. Its full name is “Polygon Ecosystem Token“.  Also in the announcement, Polygon’s team claimed that POL will implement a “re-staking protocol” that allows token holders to stake multiple chains and perform various functions in the process, promoting a broad ecosystem of “zero-knowledge Layer 2” chains.

Polygon 2.0

The launch of the token will pave the way for the implementation of other aspects of the current Polygon 2.0 roadmap. This includes launching a new staking layer for the Matic ecosystem, additionally upgrading the existing staking (PoS) network to zkEVM Layer 2, and establishing a shared liquidity protocol for all Matic networks, as stated in the announcement.

The team emphasizes that POL is currently not used in any system on the Matic. Both Polygon PoS and Polygon zkEVM continue to be staked with the old token, MATIC, and gas fees on the PoS network are still paid with MATIC. Therefore, users, validators, and application developers do not need to replace their MATIC with POL currently.

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Polygon Labs announced on June 29 that they were developing a new Layer 2 ecosystem. They named this new ecosystem “Polygon 2.0“. On September 14, the team announced their intention to use a new token, POL, in Polygon 2.0. However, at this point, POL is still a proposal and has not yet been distributed to Ethereum.

The proposed Layer 2 ecosystem of Matic will use zero-knowledge proofs to validate transactions between networks. This will compete with the Optimism ecosystem proposed by Optimism Labs, which will use Optimistic Rollup technology to secure communication between networks.

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