Coinbase Cautions on Polygon Transfer Delays!

Key Points:

• Coinbase reports Polygon transfer delays, but buying, selling, and fiat transactions remain unaffected.
• Coinbase assures users that despite the delay, all funds are safe while the issue is investigated.
• Delays may be linked to Polygon’s recent upgrade to its POL token and staking-based security system.

Coinbase updated its status page to caution users about the possible Polygon transfer delays; some users may confront an unavoidable delay in sending/receiving Polygon assets until the case is resolved.

Coinbase Reports Polygon Transfer Delays

Everything is functioning smoothly regarding purchases, sales, and fiat withdrawals/ deposits. Coinbase assured the users that their funds were safe and claimed the incident was under investigation.

Accordingly, the exchange’s status page shows that the problem is unique to Polygon transfer delays and that its performance is “degraded.” It would appear that no other blockchain is currently suffering from such issues. Such delays have not occurred for the first time; on September 3, some problems were reported with Polygon’s functioning. Coinbase managed to fix the issue rather quickly, though.

Read more: Coinbase cbBTC Token Now Live on Base and Ethereum

Polygon Upgrade May Be Causing Transfer Issues

Polygon, the viral Ethereum scaling network, recently updated its chain. The Blockchain ejected its core MATIC for POL, introducing a new security model based on staking.

This is part of the broader development roadmap for Polygon towards its natively developed zero-knowledge rollup network, Polygon zkEVM. The upgrade is supposed to bring better scalability and security; however, it appears it caused some initial performance problems at the onset.