Polygon zkEVM Beta Hit by Sequencer Issues: Will It Impact MATIC Price?

• The beta version of Polygon’s zkEVM mainnet encountered a sequencer issue.
• Other parts of the Polygon ecosystem, like PoS and CDK, remain operational.
• Previously, blockchain security firm Verichains identified a critical flaw in Polygon zkEVM.

The beta version of Polygon’s zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet recently encountered a setback. The Polygon team acknowledged this in a recent post on X, noting its sequencer faced difficulties stemming from a layer one reorganization. 

Per the report, this issue affected the sole rollup on the network and has prompted immediate action from the Polygon blockchain team. Notably, this incident exclusively impacts Polygon’s zkEVM, which is in a nearly complete prototype state.

Other components of the Polygon ecosystem are unaffected, like its Proof-of-Stake (PoS) network and chains built with the Polygon software development kit. Moreover, any chains deployed using Polygon CDK also remain operational.

Furthermore, the Polygon team is actively engaged in resolving the problem. It assures the community that a comprehensive post-mortem analysis will follow to shed light on the root causes and outline measures to prevent recurrence.

Despite this setback, Polygon remains steadfast in its commitment to innovation. Anticipation is building for the imminent release of the second-generation zkEVM, promising enhancements to bolster the platform’s performance.

At press time, the incident had no notable impact on Polygon’s ecosystem native token, MATIC. In the last 24 hours, MATIC has only increased by 0.34%, putting its price at $0.9804. The token has also fallen by 5% over the past week, mirroring the broader market downturn.

For the uninitiated, Polygon zkEVM is a layer-2 protocol crafted to bolster Ethereum’s scalability by employing off-chain transaction handling and leveraging zero-knowledge proofs. 

Last September, Verichains, a leading blockchain security firm, identified a critical flaw in Polygon zkEVM. The flaw was found in the zkProver module, rendering the network vulnerable to proof forgery attacks. 

This vulnerability poses a considerable risk to the security and integrity of funds within the blockchain ecosystem’s layers 1 and 2. Notably, Polygon and Verichains have collaboratively fixed the issue.