The crypto city has received an overwhelming response from emerging protocols. Polygon stole the show late and put the diapers in the shade. Polygon’s formidable rise has been a source of inspiration for emerging Layer 2 protocols and scaling solutions in the coin market.
The polygon network has grown stronger as the catalysts fueling the metrics have bolstered the protocol at a steady pace. Which could potentially help Protocol get into the league’s top 10. In contrast, the creators of the protocol have updated a major bug that would have cost a large sum.
Polygon Network defends the dominance of Layer One protocols
Polygon’s ever-growing list of stimulants features the following additions, which play an imperative role in Polygon’s actions with metrics. The average sending addresses add more than 200,000 unique addresses in thirteen consecutive weeks. The drop in transaction fees, which is currently less than 2 cents, has welcomed NFTs and DeFi.
Bridges on Polygon have recorded inflows of $ 500 million in the past week and more than $ 28 billion to date. Of the 129 million accounts that have used Polygon in the past 8 months. About 15% have addresses on the DeFi star. In addition, around 0.85% of ETH addresses are on MATIC.
The network is seeing an influx of smart contracts being deployed. Over the past week, the protocol hosted 1.8 million smart contracts from developers. By comparison, Ethereum saw 105k deployed. In addition, approximately 1.8 million NFTs built on Polygon were sold on OpenSea for the month of December. Polygon’s QuickSwap DEX is one of the most widely used DEXs in the DeFi space.
White Hat hackers to the rescue?
The team behind the Polygon network secured the protocol against a vulnerability that would have cost a considerable amount of money. The critical susceptibility of the protocol’s PoS Genesis contract has been reported by two hackers, Leon Space Walker, and the name of the other has not been revealed. The denunciation was received on December 3 and 4 via the Immunefi platform.
The bug had put more than 9.27 B MATIC into play. This was addressed in a timely manner with an emergency upgrade from Bor to the mainnet the very next day. While the protocol suffered no harm neither for end users. However, a malicious hacker managed to steal 801 601 MATIC before the network upgrade was implemented. The manufacturers announced that the foundation would bear the cost of theft.
The White Hat Pirates were rewarded with a bounty totaling $ 3.46 million. While Leon Space Walker was paid $ 2.2 million in stablecoins, White hat hacker-2 was paid with 50,000 MATIC.
Collectively, the aforementioned catalysts have further redefined network scripting on graphics. Polygon’s network update has received mixed reviews from enthusiasts, while some question a delay in the announcement, others welcome the timely action. That said, Polygon is making giant strides, which could potentially take the platform into the league’s top 10.