Within the face of an enlarge within the preference of assaults on DeFi platforms, Polygon has decided to handle new measures. The Ethereum scaling platform now now not too long within the past launched a $2 million worm bounty.
In that device, Polygon expects to “root out and win rid of capability security flaws”, in response to an announcement. Handiest about a months within the past, the DeFi ecosystem experienced indubitably one of its largest hacks when it lost over $600 million on assorted platforms.
Polygon recorded an $85 million loss on the time. Whereas Ethereum and Binance Spruce Chain (BSC) recorded a mixed estimate of $500 million in losses.
The exploit frail by the Poly Network hacker concerned a couple of blockchain agnostic trading pool called O3 Swap. Ironically, the attacker that perpetrated this hack requested the projects for more safety features and transparency.
The Polygon network bounty program is live since September 20, 2021, on the worm bounty platform Immunefi. Focused on DeFi and effectively-organized contract security, the platform will host the program as an “initiate invitation to security researchers”.
In that device, the project expects to search out and mounted capability security vulnerabilities within the effectively-organized contracts and dApps ecosystem vitality by Polygon. Thus, the platform seeks to give its users more security and protection for their funds.
The worm bounty program will reward white hackers in relation to their findings and the severity of the functionality security vulnerability found. The rewards will fluctuate from the $1,000 for “low-stage threats”, the release clarifies”, and $2,000,000 for essential threats.
On the plenty of hand, if a white hacker finds a vulnerability on a dApp, they would possibly perchance perchance perchance furthermore merely receive a reward ranging from $2,500 to $15,000. Payments will be made within the following cryptocurrencies: Polygon (MATIC), Ethereum (ETH), or a stablecoin.
How Polygon Will Operate Its Bounty Program
Polygon will leverage Immunefi Vulnerability Classification Intention. This mechanism will allow the physique of workers to possess a possibility classification gadget in response to the functionality vulnerability of the network.
In clarify to be eligible for a reward, white hackers must submit a document that desires to embody pace small print about their findings. As an instance, reports must possess a step-by-step recordsdata so the Polygon physique of workers can reproduce the functionality possibility and various evidence equivalent to screenshots and logs.
Data from research firm Messari claims that over $284 million possess been lost to DeFi hacks since 2019. Thus, why an growth on this sector’s security has change into a “topic of excessive importance”.
Sandeep Nailwal, Co-Founding father of Polygon said the following on their new bounty program:
User security is on the forefront of Polygon’s ethos. This substantial bounty offering goals to solidify what we know to be an extremely staunch network.
On the plenty of hand, founder and CEO of Immunefi Mitchell Amador said:
Trojan horse bounty features proceed to be a in reality great portion of the safety stack for safeguarding crypto protocols and particular person funds locked in their contracts. We’re proud Polygon selected us among assorted platforms to make certain the safety of its protocol, and jam forward to our collaboration.
At the time of writing, MATIC trades at $1,21 with a 9.5% income within the each day chart.