ZIL Team Addresses Transactions Stuck in Exchanges

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In Brief
  • The Zilliqa team took to Twitter regarding transaction problems on some exchanges.

  • Rejected transactions were having knock-on effects.

  • The team reassured ZIL holders that their funds were safe.

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The Zilliqa team assured holders that all funds are safe.

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Rejected transactions caused knock-on effects. The Zilliqa team tweeted the solution. 

Mass rejection

On Jan. 3, the Zilliqa team tweeted regarding technical problems on some exchanges. Withdrawals were impossible on some exchanges. ZIL holders attempting to withdraw from them received incorrect counter, or nonce, error messages instead.

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The Zilliqa team explained that otherwise properly rejected transactions also affected transactions that followed them. The platform also automatically rejected the later transactions due to a numbering issue.

ZIL’s solution

The affected exchanges are resending the transactions, and the team is sending out Software Development Kits (SDKs) with improved nonce handling to the exchanges that need it. The team also emphasizes that ZIL holders’ money is safe. Transaction confirmation on viewblock.io will let users know if a given transaction is complete or not. Failed withdrawals seen on Viewblock indicate a failed transaction, and the exchange should resend the transaction. Failed transactions do not withdraw funds.

Community reaction

The ZIL community seems pleased with the results.

However, at the time this article was written, the ZIL price was down almost 9%. Moreover, 24-hour trading volume was up over 38% from Jan. 2, but down almost 25% from Jan. 1.

Handling FUD

Some users on the Zilliqa Reddit thread point to the fact that the platform had had performance problems since a Dec. 26 update. Transactions on Binance were affected. Other exchanges, such as Kucoin, were not. Overall, users looked to the exchanges as problems, and not Zilliqa itself.

ZIL after the breakout

The Zilliqa project had a good holiday season before the technical glitch. The ZIL finally broke out of a long-standing resistance on December 11. Analysts were predicting a drop then break out based on technical price factors. It soared 150%.

DeFi in 2021

Decentralized finance (DeFi) platforms such as Zilliqa had a very good year in 2020. BeInCrypto reported that some analysts see an upswing in 2021 as well. For example, Spartan Group’s Kelvin Koh estimates that the total locked value (TVL) for DeFi projects in 2021 could reach $100 billion.

Koh also predicted ETH hitting all time highs in 2021. DeFi will be a decisive factor if this happens. DeFi currently accounts for about 90% of the transactions on Ethereum. Moreover, 95% of Ethereum’s volume growth came from DeFi apps. In turn,about 50% of DeFi projects are based on the Ethereum platform.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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