Within the face of a rise within the variety of assaults on DeFi platforms, Polygon has determined to take new measures. The Ethereum scaling platform just lately introduced a $2 million bug bounty.
In that means, Polygon expects to “root out and eradicate potential safety flaws”, in accordance with a press launch. Just a few months in the past, the DeFi ecosystem skilled considered one of its greatest hacks when it misplaced over $600 million on completely different platforms.
Polygon recorded an $85 million loss on the time. Whereas Ethereum and Binance Sensible Chain (BSC) recorded a mixed estimate of $500 million in losses.
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The exploit utilized by the Poly Community hacker centered on a blockchain agnostic buying and selling pool known as O3 Swap. Mockingly, the attacker that perpetrated this hack requested the tasks for extra safety measures and transparency.
The Polygon community bounty program is stay since September 20, 2021, on the bug bounty platform Immunefi. Targeted on DeFi and sensible contract safety, the platform will host this system as an “open invitation to safety researchers”.
In that means, the undertaking expects to seek out and stuck potential safety vulnerabilities within the sensible contracts and dApps ecosystem energy by Polygon. Thus, the platform seeks to supply its customers extra safety and safety for his or her funds.
The bug bounty program will reward white hackers in relation to their findings and the severity of the potential safety vulnerability found. The rewards will vary from the $1,000 for “low-level threats”, the discharge clarifies”, and $2,000,000 for important threats.
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Alternatively, if a white hacker finds a vulnerability on a dApp, they may obtain a reward starting from $2,500 to $15,000. Funds will likely be made within the following cryptocurrencies: Polygon (MATIC), Ethereum (ETH), or a stablecoin.
How Polygon Will Function Its Bounty Program
Polygon will leverage Immunefi Vulnerability Classification System. This mechanism will permit the group to have a menace classification system in accordance with the potential vulnerability of the community.
In an effort to be eligible for a reward, white hackers should submit a report that should embody sure particulars about their findings. For instance, stories will need to have a step-by-step information so the Polygon group can reproduce the potential menace and different proof comparable to screenshots and logs.
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Information from analysis agency Messari claims that over $284 million have been misplaced to DeFi hacks since 2019. Thus, why an enchancment on this sector’s safety has turn out to be a “matter of utmost significance”.
Sandeep Nailwal, Co-Founding father of Polygon stated the next on their new bounty program:
Consumer safety is on the forefront of Polygon’s ethos. This substantial bounty providing goals to solidify what we all know to be a particularly safe community.
Alternatively, founder and CEO of Immunefi Mitchell Amador stated:
Bug bounty applications proceed to be a vital a part of the safety stack for shielding crypto protocols and person funds locked of their contracts. We’re proud Polygon selected us amongst different platforms to make sure the security of its protocol, and stay up for our collaboration.
On the time of writing, MATIC trades at $1,21 with a 9.5% revenue within the each day chart.