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Category: MATIC

How Polygon Will Seek To Strengthen DeFi With $2 Million Bug Bounty

In the face of an increase in the number of attacks on DeFi platforms, Polygon has decided to take new measures. The Ethereum scaling platform recently announced a $2 million bug bounty. In that way, Polygon expects to “root out and eliminate potential security flaws”, according to a press release. Only a few months ago, the DeFi ecosystem experienced one of its biggest hacks when it lost over $600 million on different platforms. Polygon recorded an $85 million loss at the time. While Ethereum and Binance Smart Chain (BSC) recorded a combined estimate of $500 million in losses. Related Reading | Q&A With Poly Hacker, Hero Or Villain Behind Biggest DeFi In History? The exploit used by the Poly Network hacker focused on a blockchain agnostic trading pool called O3 Swap. Ironically, the attacker that perpetrated this hack asked the projects for more security measures and transparency. The Polygon network bounty program is live since September 20, 2021, on the bug bounty platform Immunefi. Focused on DeFi and smart contract security, the platform will host the program as an “open invitation to security researchers”. In that way, the project expects to find and fixed potential security vulnerabilities in the smart contracts and dApps ecosystem power by Polygon. Thus, the platform seeks to offer its users more security and protection for their funds. The bug bounty program will reward white hackers in relation to their findings and the severity of the potential security vulnerability discovered. The rewards will range from the $1,000 for “low-level threats”, the release clarifies”, and $2,000,000 for critical threats. Related Reading | Polygon Links With Filecoin, How Users Will Benefit From Free Storage On the other hand, if a white hacker finds a vulnerability on a dApp, they could receive a reward ranging from $2,500 to $15,000. Payments will be made in the following cryptocurrencies: Polygon (MATIC), Ethereum (ETH), or a stablecoin. How Polygon Will Operate Its Bounty Program Polygon will leverage Immunefi Vulnerability Classification System. This mechanism will allow the team to have a threat classification system according to the potential vulnerability of the network. In order to be eligible for a reward, white hackers must submit a report that needs to include certain details about their findings. For example, reports must have a step-by-step guide so the Polygon team can reproduce the potential threat and other evidence such as screenshots and logs. Related Reading | Ethereum Is Ready For Inevitable Climb Over $10,000, Says Crypto Analyst Data from research firm Messari claims that over $284 million have been lost to DeFi hacks since 2019. Thus, why an improvement in this sector’s security has become a “matter of utmost importance”. Sandeep Nailwal, Co-Founder of Polygon said the following on their new bounty program: User security is at the forefront of Polygon’s ethos. This substantial bounty offering aims to solidify what we know to be an extremely secure network. On the other hand, founder and CEO of Immunefi Mitchell Amador said: Bug bounty programs continue to be an essential part of the security stack for protecting crypto protocols and user funds locked in their contracts. We’re proud Polygon chose us among other platforms to ensure the safety of its protocol, and look forward to our collaboration. At the time of writing, MATIC trades at $1,21 with a 9.5% profit in the daily chart.
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Polygon Links With Filecoin, How Users Will Benefit From Free Storage

Layer one network Polygon continues to expand and solidified its position in the crypto space. Recently, they announced a new partnership with Filecoin, a network that allows users to store and transfer data via a native marketplace. The cooperation launched the Filecoin-Polygon Bridge, to increase their interoperability. Built by the Textile team, the bridge enables users to use any Polygon mainnet to connect with Filecoin’s storage and (…) start storing data on Filecoin from any Polygon address without any conversions, signups, developer tokens, or secrets exchanged. In addition, Textile, Polygon, and Filecoin announced further incentives for users and developers to leverage the bridge. For the foreseeable future, they will cover all storage costs for every project using the Textile Filecoin Storage Bridge. Thus, Filecoin will bring greater functionality to Polygon applications that require decentralized and verifiable data storage. The bridge will be “gradually” improved to increase its usability and will launch a governance model. In that way, the community will have the power to decide the direction of the project and will operate as an additional incentive for users and developers to jump in and participate. ½ 📢 @Filecoin is coming to Polygon! 📂 @textileio’s Filecoin-Polygon Storage Bridge can store data from any Polygon address owner accelerating the Web3 interoperability between Polygon & Filecoin ecosystems. 🌐 Learn more: — Polygon (@0xPolygon) August 20, 2021 The bridge will benefit from Filecoin’s features, and any app, smart contract, or service will still rely on the InterPlanetary File System (IPFS) to retrieve data. Information will be available on an entity called “storage contract” to be created with miners operating on the Filecoin Network. One of Textile’s main objectives is to improve Polygon, and other blockchains capacity to hold and transfer data: Filecoin brings many of the best parts of the IPFS stack, including verifiable data, peer-to-peer (p2p) data exchange, de-duplication, and more. We can create a more secure data storage layer for Polygon applications and their users (…). An Improve Storage Layer For Polygon, How Does It Work? According to a blog post published by Textile, the Filecoin Storage Bridge to Polygon is supported by two concepts. The first is “deposit” and is power by an API that enables them to take place on-chain, the second is “storage” power by several APIs that “interact off-chain with a storage validator that will interface with Filecoin”. This system offers protection against bad actors and potential Sybil Attacks, as users must deposit funds proportional to the length of time that they’d like to keep their data storage, Textile clarified. The default amount to be deposited for an hour of storage is 100GWEI per second or 0.00036 MATIC every hour. As seen in the chart below, research firm Messari records an increase in total value locked on Polygon. This metric, as research Ryan Watkins said, has many detractors but can be used as a proxy to determine “how much value” users place on the smart contracts running on this ecosystem. The metric has seen a recovery after a decline during June and is “trending nicely” towards previous highs. At the time of writing, MATIC trades at $1,64 with an 8.3% profit in the daily chart.
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Polygon Acquires Hermez Network, How They Will Improve Ethereum Scaling Solutions

Via their Twitter handle, protocol and cross-chain bridge Polygon announced a new area of interest, ZK-based scaling solutions. In order to contribute and improve this approach to aggregate transactions into a blockchain, the project also announced a merger with Hermez Network and a $1 billion investment. Based on zero-knowledge proof, the layer 2 scaling solution called ZK-Rollups allows funds to be deposit into a smart contract on top of the Ethereum network. Thus, transactions can be securely processed off-chain and scalability can increase. As Polygon claimed in its official announcement, there is a high demand for Ethereum to improve its scalability. The project claims that their PoS based chain is “the best immediate solution” and relief for the increase in transactions fees and network congestion. They added: By establishing itself as one of the industry’s most popular and highest valued projects, Polygon proved that there is a lot of value to be created and captured by working on these hard challenges in symbiosis with Ethereum, instead of competing with it. The $1 billion investment will come directly from Polygon’s treasury and will use to hired and acquired “world-class” ZK-based projects and teams. In addition, the funds will be used for research, building, and adopting ZK-based solutions. Scaling solutions have 3 major challenges, the team behind Polygon argued security, decentralization, and privacy. These won’t be resolved immediately, but the Ethereum ecosystem is at a “stage of intense innovation and experimentation” with the potential to lay start creating solutions that will eventually meet those challenges. Therefore, Polygon revealed that they will focus on two “major long-term” goals. The first one is “Shipping” or putting the solutions and innovation in “the hands of developers and users”. The second is to make Polygon the “innovation hub” for Ethereum. On scalability, they added: Ethereum base layer fees reached levels that made Ethereum practically unusable for most users and use cases, and we already started seeing user outflow to competing projects that decided to make problematic compromises in terms of decentralization, security etc. We realized that something has to be done today, and thus we built and offered our Polygon PoS chain (…). Polygon To Merge With Ethereum Based Hermez Network As of today August 13th, Polygon and Hermez Network, a decentralized zk-rollup based scaling payments running on Ethereum, will begin a merger process. Thus, the solution will be rebranded as Polygon Hermez and will be part of this protocol ecosystem and solutions, such as Polygon PoS, Polygon SDK, and others. The merger process will be supported by funds obtained from the protocol’s treasury, 250 million MATIC tokens or around $250 million have been committed to fulfilling this purpose. We at Polygon are very aware of the importance of EVM-compatibility, and the fact that Hermez already has a roadmap and is actively working on introducing it was another big signal for us that joining forces makes sense. At the time of writing, ETH trades at $3,230 with a 6% profit in the daily chart.
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Ethereum, MATIC Price Analysis: August 12, 2021

Altcoins break off from Bitcoin as the crypto market regains the losses incurred in May. Ethereum settles above $3,200, but bulls have eyes on $3,600 and $4,000. MATIC soars over 22% to trade at $1.5 for the first time since June 18. Altcoins have this week made great strides while Bitcoin remained under $47,000. However,

The post Ethereum, MATIC Price Analysis: August 12, 2021 appeared first on Coingape.

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Uniswap, MATIC Price Analysis: July 12, 2021

Uniswap holds onto critical support at the 100 SMA amid a battle to avoid further declines under $20. MATIC price may plunge to $0.73 if overhead pressure keeps surging under $1. The week’s trading in the cryptocurrency market seems to be progressing in decline after buyers lost steam across the board. Bitcoin has a bid

The post Uniswap, MATIC Price Analysis: July 12, 2021 appeared first on Coingape.

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Polygon Opens Vault On MakerDAO, Commits $50 Million Worth Of Matic Tokens

Polygon has announced the integration of yield optimization vaults on the Maker Network. The blockchain-enabled protocol, formerly referred to as the Matic Chain, tweeted on Wednesday that it “will be opening a vault on Maker” and investing $50M of MATIC tokens as agreed liquidity from the treasury. With the recent integration, it means the […]
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Polygon Opens Vault On MakerDAO, Commits $50 Million Worth Of Matic Tokens

Polygon has announced the integration of yield optimization vaults on the Maker Network. The blockchain-enabled protocol, formerly referred to as the Matic Chain, tweeted on Wednesday that it “will be opening a vault on Maker” and investing $50M of MATIC tokens as agreed liquidity from the treasury. With the recent integration, it means the […]
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Polygon (MATIC) Announces Launch Of New Blockchain Project, ‘Avail’

The press releases are on fire today as Polygon has announcements firing out left and right. The platform has announced ‘Avail’ – described as “a robust general-purpose scalable data availability layer”. Additionally, the platform announced the launch of yield aggregator Pickle.Finance. Polygon’s Latest: Avail In a press release to kick off the week, Polygon has […]
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13 New Assets Under Consideration for Grayscale Investment Product Line

Digital Currency Asset Management company Grayscale is considering 13 additional assets for its investment product options. The current total for assets under consideration is now 31.

The post 13 New Assets Under Consideration for Grayscale Investment Product Line appeared first on BeInCrypto.

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Polygon (MATIC) Shows Strong Signs of Reversal With These On-Chain Metrics

MATIC, the native cryptocurrency of the Polygon blockchain has been showing strength and strong signs of reversal. Several on-chain metrics suggest that Polygon (MATIC) is all set for its next journey northwards. Following the crypto market meltdown of May, Polygon (MATIC) made a sharp V-shape recovery. However, the cryptocurrency faced major rejections at some of

The post Polygon (MATIC) Shows Strong Signs of Reversal With These On-Chain Metrics appeared first on Coingape.

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Polygon’s Daily Transaction Volumes Exceeds Ethereum (ETH) and Binance Smart Chain (BSC)

Blockchain network Polygon has been in the news for quite a while now and it continues to hit new milestones. The Polygon network has hit a new record-high in daily transaction volumes shotting to a massive 7.4 million. Interesting, Polygon’s transaction volumes have exceeded that of giants like Ethereum (ETH) and the Binance Smart Chain

The post Polygon’s Daily Transaction Volumes Exceeds Ethereum (ETH) and Binance Smart Chain (BSC) appeared first on Coingape.

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Here’s What Billionaire Mark Cuban Checks Before Investing In A Blockchain Project

Mark Cuban, the billionaire investor and owner of NBA Team Dallas Mavericks has been recently in the news after announcing his latest investment in Indian blockchain startup Polygon. Over the last two years, Cuban has been very active in the crypto and blockchain space handpicking some tokens and interesting projects for investments. Speaking to CNBC,

The post Here’s What Billionaire Mark Cuban Checks Before Investing In A Blockchain Project appeared first on Coingape.

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Polygon (MATIC) Releasing Development Kit For Ethereum-Connected Chains

Safe to say, Polygon has been on a tear lately. On the heels of a DappRadar report noting more than 75,000 active users and nearly $1B in value flows through their layer 2 protocol, the Polygon team has announced a new developer SDK for streamlined app creation. In the past month, our team at NewsBTC […]
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Which Altcoins Are More Likely To Catch The Bounce?

After one of its most brutal weekends, Bitcoin and most altcoins show signs of recovery in lower time frames. While most are still down by 30% and 40% in the 7-day and 30-day chart, the general sentiment in the market appears to be more bullish as investors see their charts flip from red to green. […]
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Polygon ($MATIC) Sees 75K Active User Growth

Dapps are continuing to shine recently. As if the chart wasn’t enough to convince you, $MATIC has been a star performer too. Data released this week from DappRadar shows a substantial uptick in Polygon-based decentralized applications. This follows our piece from just a few weeks ago, highlighting $MATIC’s big rally. Let’s recap some of DappRadar’s […]
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Why traders can expect this price action from MATIC, AAVE and ALPHA

The altcoin rally has been led by lesser-known altcoins since the beginning of 2021. ALPHA’s rise from the $0.33 level at the beginning of 2021 to the $2.13 level in April 2021 came as a result of the altcoin rally. ALPHA is not alone, top DeFi tokens like MATIC and AAVE have featured in comeback […]
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