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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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Optimism Will Roll Out Single-Click Launch For Ethereum Projects

Many layer 2 solutions are competing on being the most active in developments. Amid these scaling solutions in Optimism, and given its latest announcement, it will soon enable developers to launch DApps with just a single click of a button. Optimism provides support for all the apps on the Ethereum ecosystem. It ensures that transaction fees are lower by keeping its data on the blockchain but running computation off-chain. The team’s latest blog reveals that an upcoming upgrade will facilitate the launch of DApps on its layer. This means that every tool running on Ethereum will also run on Optimism. Latest Upgrade To Provide Support For Ethereum Protocols The disclosure by the Optimism team assures the developer’s community that the upgrade will help them to simplify the process of launching their decentralized apps. Also, this simplicity stems across features such as gas and traces. Developers targeting Geth now have the opportunity to launch without changing their codes. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Optimism disclosed that it had overhauled the codes. As a result, it can now go beyond being compatible Ethereum Virtual Machine only to become an EVM equivalence by making its protocol efficient and lightweight. One of the steps the team took to reduce the protocol’s load was to delete its custom compiler. It also deleted over 25,000 lines of codes as it upgraded. According to the post, the team asserts that developing the “EVM-compliant rollup” is not very easy given that it aims to support the whole Ethereum stack. Moreover, to also implement the security features which EVM requires will also cost a lot of money. However, it is mandatory because every line of codes added to the system comes with possible vulnerabilities. Optimism Pursuing Compatibility As for now, the layer 2 scaling solution is now fully equivalent with EVM using Geth. Though it is working to become compatible with alternative node implementations such as Erigon and OpenEthereum using below one thousand lines of codes. The team disclosed that they hadn’t changed the security model of the protocol even with this release. The reason behind the growth of Optimism is the move from Ethereum mainnet to other chains & layer 2 solutions compatible with EVM Ethereum has fallen by 7% in 24 hours | Source: ETHUSD on TradingView.com The migration of capital from Ethereum to these other solutions was to reduce the high fees characterizing transactions carried out on its base layer. Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin The information from Dune Analytics even reveals that another rollup network Arbitrum has a TVL of $2.62 billion, which is the largest ETH Bridge. This rival protocol went live three weeks ago, and it is already making waves. But it is not the only protocol as Polygon ERC-20 Bridge emerged after Arbitrum and is now boasting $2.35 billion in TVL. After Polygon came, Avalanche Bridge and Fantom Anyswap Bridge and each now record $1.86 billion and $476 million, respectively. Featured image from Forbes, chart from TradingView.com
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World’s Largest Accounting Firm Announces Polygon Integration For Its Blockchain Products

The world’s largest accounting firm Ernst & Young has partnered with Ethereum Layer-2 scalability protocol Polygon (formerly known as Matic) to integrate the protocol into their flagship blockchain products and services. The firm would use the Polygon to deploy its own blockchain products on the Ethereum mainnet. The firm has connected Polygon protocol to the

The post World’s Largest Accounting Firm Announces Polygon Integration For Its Blockchain Products appeared first on Coingape.

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Why the FTX.US/LedgerX Deal Indicates Crypto M&A Might Start Booming

Steven Ehrlich, director of research for digital assets at Forbes, discusses the FTX.US-LedgerX merger, what to expect from FTX going forward, DeFi regulation, and more. Show highlights: why the FTX.US[…]

The post Why the FTX.US/LedgerX Deal Indicates Crypto M&A Might Start Booming appeared first on Unchained Podcast.

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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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Polygon co-founder bet against Cardano’s smart contract compatibility

Polygon co-founder, Sandeep Nailwal has retweeted Polymarket, betting money against Cardano to enter smart contracts before 1st October. Nailwal bet an additional $20K on top of Polymarket’s $50K bet. I am also willing to top it up by $20k in support of @PolymarketHQ that @cardano is NGMI, YET AGAIN 😄 https://t.co/CA3aT5RMq5 — Sandeep – Polygon(prev

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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

The post MATIC Price Analysis: Polygon Awaits Breakout of Two Week Triangle, Will MATIC Break $1.2? 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. https://twitter.com/sourcex44/status/1410289455181668354 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. https://twitter.com/sourcex44/status/1410289455181668354 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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Polygon Based Defi Protocol Becomes Latest Victim of Exploit, Price Crashes to Zero

Polygon-based defi project Safedollar became the latest victim of an exploit earlier today as hackers managed to exploit a security vulnerability in the algorithmic stablecoin’s liquidity pool. The security breach crashed the price of the defi protocol to zero. Hackers managed to initiate an infinite mint and drained $250,000 worth of stablecoins from the liquidity

The post Polygon Based Defi Protocol Becomes Latest Victim of Exploit, Price Crashes to Zero appeared first on Coingape.

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‘The audience for DeFi is millions or even billions of people,’ Says Aave’s Marc Zeller

BeinCrypto spoke to Marc Zeller, Integrations Lead at Aave, about where the protocol is headed and how DeFi will change the future financial landscape.

The post ‘The audience for DeFi is millions or even billions of people,’ Says Aave’s Marc Zeller 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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MATIC, Polkadot Price Analysis: June 15, 2021

Bitcoin accomplished the bid for $40,000 as bulls closed the day above this crucial level for the first time in June. Fears of Bitcoin price dropping to close the CME BTC futures gap to $37,325 seem to have been curtailed. At the time of writing, the bellwether cryptocurrency trades at $40,517 following a 3.8% gain

The post MATIC, Polkadot Price Analysis: June 15, 2021 appeared first on Coingape.

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