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Category: MATICUSDT

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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MATIC Clears 4 Month Down Trend Line As Bulls Eye $2.00

MATIC price has risen nearly 15% over the last week MATIC Price has been held up by the 200MA for nearly a month Bulls must clear $1.70 for a large price surge Polygon (MATIC) price has been performing in an average way over the last month. Many coins have surged near their previous ATH but

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Polygon (MATIC) Price Fails to Break Major Resistance Zone, Can MATIC Break $2?

MATIC price has fallen -15% over the last week MATIC Price is attempting to break below mid term trend 25 day MA is acting as support Road to $2 MATIC? MATIC price had an amazing run in the first half of this year as prices rose nearly 16,000%. Since the cryptocurrency market had its 2

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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: https://t.co/IN7gcXH4Wo pic.twitter.com/C6Ux0s36aD — 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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MATIC Price Hits 2 Month High, Can Bulls Push It Above $1.50 next?

MATIC price has risen nearly 150% off its July low The 100 MA has acted as support for almost a month now Price continues to respect bullish ascending channel Will MATIC Break $1.5? MATIC price has shown great strength the last week as prices finally cleared the $1.20 range. This comes along with a raging

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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,

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MATIC Price Prediction: Polygon Breaks 2 Month Trend In Attempt to Reach $1.50 [Live Chart]

MATIC price has revived nearly 90% off low in July MATIC Price has been battling major resistance zone 100MA is now acting as support MATIC price has been overall flat the last two weeks as it attempts to regain a major resistance zone. The majority of the cryptocurrency market has fully broken out of its

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MATIC Price Today: Polygon (MATIC) Price Up Nearly 20%, Will MATIC Cross $1 this time?

MATIC price is up nearly 20% in the last day MATIC Price bounced heavy off major support of $0.68 100MA is acting as resistance MATIC Price Overview Polygon (MATIC) experienced a hard bounce off support the last 2 days. Prices feel nearly -50% since the start of July as the cryptocurrency market failed to gain

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ETH Price Analysis: Ethereum (ETH) Stuck at Major Support, Is A Drop Below $1600 Inevitable?

ETH price has fallen over -15% the past week Bears continue to break support after support ETH Price currently sits within major support zone Ethereum Price Analysis: ETH/USDT 4 Hour Chart For price to start a new bullish trend, Ethereum (ETH) must break over its major resistance of $2103 & hold. Around this area lies

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MATIC Price Analysis: Polygon (MATIC) Hits 2 Month Low As Bears Refuse To Back Down

Matic price Network falls nearly -30% the last week Matic price continued to fail at breaking mid term trend Support of $0.86 is holding price from further downfall MATIC Price Overview Matic price experienced mind blowing gains throughout April & May as it nearly outperformed every other coin in its class. Unfortunately for holders, Polygon

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MATIC Price Analysis: Polygon (MATIC) Approaching Danger Zone, Will Price Drop Below $1?

MATIC price has fallen nearly -15% the last day Major resistance of $1.16 caused yet another rejection MATIC Price Is near support of descending channel MATIC Price Overview Polygon (MATIC) Holders is super flat ever since the drop to $0.93 cents in late June. Price action was neutral the last week but has quickly turned

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MATIC Price Analysis: Polygon Awaits Breakout of Two Week Triangle, Will MATIC Break $1.2?

MATIC has revived substantially less than many alt-coins 100 MA has held price down for 3 weeks MATIC Price is nearing the end of a symmetrical triangle MATIC Price had a wild bull run throughout the month of May. The gains that were seen far outpaced the other cryptocurrencies in its class. It was a

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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

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