The crypto town has been receiving overwhelming response from emerging protocols. Polygon has been stealing the show off-late, and has been putting layer-ones at shade. The tremendous ascent of Polygon has been an inspiration for emerging layer-2 protocols and scaling solutions in the coin market.
Polygon network has been growing stronger as catalysts fueling the metrics have been reinforcing the protocol at a brisk pace. Which could eventually help the protocol enter the top-10 league. On the other hand, the makers of the protocol have updated a major bug that would have cost a hefty sum.
Polygon Network Defend The Dominance Of Layer-One Protocols
The ever growing list of Polygon’s stimulants spectates the following additions, which play an imperative role in Polygon’s actions with the metrics. The average sending addresses sees an addition of over 200k unique ones in thirteen consecutive weeks. Lower transaction fees, which is currently below 2 cents, has been welcoming NFTs, and DeFi’s.
The bridges on Polygon have spectated $500 million in inflows over the past week and more than $28 billion till date. Out of the 129M accounts that have employed Polygon in the past 8-months. About 15% have addresses on the DeFi star. Moreover, about 0.85% of ETH addresses are on MATIC.
The network is experiencing an influx in smart contracts being deployed. In the past week, the protocol has welcomed 1.8 million smart contracts by developers. In comparison Ethereum has seen 105k being deployed. In addition, about 1.8 million NFTs built on Polygon have been sold on OpenSea for the month of December. Polygon’s QuickSwap DEX is one of the most used DEX in the DeFi space.
White Hat Hackers To The Rescue?
The team behind Polygon network have secured the protocol from vulnerability that would have cost a hefty sum. The critical susceptibility in the protocol’s PoS Genesis contract was tipped by two white hat hackers, Leon Space Walker, and the name of the other being untold. The tip-off was received on the 3rd and 4th of December through the platform’s Immunefi.
The bug had put more than 9.27 B MATIC at stake. Which was timely resolved with the help of an Emergency Bor upgrade to the mainnet, the very next day. While the protocol received no harm or to the end-users. However, a malicious hacker was able to steal 801,601 MATIC before the network’s upgrade came into place. The makers have announced that the foundation will bear the cost of the theft.
The white hat hackers have been rewarded with bounty tallying to $3.46 Million. While Leon Space Walker was paid $2.2 million in stable coins, White hat hacker-2 was paid with 50,000 MATIC.
Collectively, the aforementioned catalysts have been redefining the network’s scripts on the charts to a greater extent. The network update by Polygon has received mixed opinions from enthusiasts while some question a delay in intimation, others are glad of the timely action. That said Polygon is taking giant strides, which could possibly take the platform to the top-10 league.