We continue to hear that several $ZIL holders are unable to withdraw their tokens from certain exchanges and their withdrawal transactions seem to have errored out as incorrect nonce.

A thread on status update. 👇
1/ This has only affected a few exchanges, while there are others, where withdrawals are getting processed as expected. Also, given that the network is processing transactions as usual, we understand the frustration of some feeling stuck while others can interact on-chain.
2/ PROBLEM: We have spoken to some of these affected exchanges to better understand the issue at hand. It appears that those exchanges issued several consecutive withdrawal transactions which are expected to include an increasing counter called nonce.
3/ However, if any of the intermediate transactions gets rejected for some reasons, then all the subsequent ones get rejected too as the nonce will no longer be consecutive. We therefore believe that nonces were not correctly handled which led to withdrawals getting affected.
4/ SOLUTION: The solution to the problem is in fact quite simple. All the failed withdrawals can be considered by the exchanges to have been rejected by the network and they can re-issue a new transaction with the correct nonce.
5/ We have been told by some exchanges that they have started to slowly resend transactions programmatically and even in some cases manually (depending on the number of failed transactions).
6/ To this end, we are also helping out the affected exchanges wherever we can with different SDKs to better handle nonces when a batch of withdrawal transactions needs to be sent out to the network.
7/ These SDKs can be integrated in the exchange infrastructure to rectify the issue at hand as well as prevent this from happening in the future. We believe that several exchanges are on top of it and we hope that this issue gets resolved on their end very soon.
8/ We reiterate that funds are all safe and if your withdrawal transaction ID on viewblock.io shows a nonce-related error, then you can safely consider that withdrawal to have failed and wait for your exchange to resend a new withdrawal transaction.

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More from @maqstik

29 Dec 20
Some observations and thoughts on ZILSwap: What went well, its impact on the $ZIL ecosystem and where we need to improve with some concrete plans that are being worked on. A thread:

👇
1/ ZILSwap was launched by @SwitcheoNetwork on Oct 5, 2020 (~2 months old). Soon after, we noticed for the first time, a flurry of ZRC-2 tokens (equiv. of ERC20s on $ZIL) getting launched on the network (even though the fungible token standard had been around for a while).
2/ The ability to provide a marketplace for people to exchange tokens was the trigger for deveopers to start issuing tokens and developing a token economy. In fact, there was a token for which, the entire supply was put on a ZILSwap pool w/o any team withholding.
Read 14 tweets
28 Dec 20
$ZIL ecosystem has grown rapidly in the last few quarters and at least some of it can be attributed to the cascading network effect of seed node staking. A thread on observations, thoughts and ideas on taking it to the next-level (bundled together with some tangible numbers).

👇
1/ Staking has so far locked around USD 400 million of $ZIL. In fact, the underlying incentive design has converted passive community members into daily active network users. And the numbers do speak. Since its launch, the daily txn volume on the network has increased by ~40%.
2/ The most immediate network effect of staking came in the form of $gZIL -- an ecosystem-wide governance token issued alongside staking rewards. $gZIL itself has driven a quarter million on-chain transactions (in the form of token transfers).
Read 9 tweets
21 Dec 20
@zilliqa just completed a network upgrade. Five key improvements that platform users, miner and developers can expect after this release:

1⃣ Transactions can now be "soft-confirmed", as soon as they are processed within a shard. It will reduce the visible latency.

Thread 👇
2⃣ A new feature to allow tracking of transaction status. Users can now check whether their transaction was dispatched to the network, soft-confirmed, confirmed, or rejected. No more "Oops! The transaction could not be found on viewblock."
3⃣ A new governance mechanism for miners. Miners can now vote on proposals by attaching votes to their Proof-of-Work (PoW) submissions. This is in addition to the $gZIL governance.
Read 5 tweets
3 Dec 20
2020 has been a year of growth for @zilliqa and $ZIL ecosystem. At the start of the year, we'd committed ourselves to launching growth initiatives on all fronts. It's great to see the community benefitting from the tangible impact that those initiatives had.

Short thread👇
1/ I regularly see off the chart growth numbers on all fronts such as general outreach, market and social sentiment, developer adoption, platform usage, and usability, dev tooling, community-run initiatives, market infrastructure, general ecosystem growth and $ZIL value capture.
2/ I must admit I do feel a bit pleased with what I see because this growth has definitely not been effortless. The team and the community together has put a lot of effort into this. Having said that, I do not feel an iota of complacency. Miles to go...
Read 4 tweets
10 Jun 20
A thread for those who need more clarity on seed node staking with $ZIL that will go live very soon on #Zilliqa.

1) Seed node staking is not a full-blown PoS system. In a PoS system, staking is used to determine the validator who will propose the next block of transactions.
2) Unlike PoS, seed node staking in #Zilliqa is to allow certain non-consensus nodes called seed nodes (those that store transaction history) to earn rewards for their service. These seed nodes do not participate in validating transactions.
3) Staking rewards come from block mining. 5% of $ZIL mined in every block will be used to reward these nodes while the remaining 95% will be given to the miners who validate transactions. The split is intentionally skewed towards miners as they provide the much needed security.
Read 10 tweets

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