Polygon Weekly Recap (1/16 - 1/20)
You can keep up with the Polygon Network changes by reading my Polygon Weekly summary.
Key Takeaways
The Polygon hard fork caused a MATIC price rally
Many question the decentralized nature of the Polygon network
Midas Capital releases a debriefing following a $660,000 fraud
Rarible adds Polygon-based sets to NFT marketplace builder
Ecosystem Updates
As many cryptocurrencies are slowly adjusting to this New Year, let's find out how Polygon is keeping up.
1. Market Data
The Polygon hard fork caused a MATIC price rally
On January 17, Polygon (MATIC) successfully finished a hard fork to assist in alleviating the network's gas surges and chain rearrangement problems (reorgs). This news triggered a MATIC price surge as the coin rose by 6% over the last seven days. Its market cap also jumped by 2% in the past 24 hours as it sits at $8,299,801,935. At this time, the Polygon (MATIC) coin is trading for $0.9653, according to CoinMarketCap.
These increases show that Polygon (MATIC) is showing bullish signs as more upgrades are introduced to the network. Like many other coins, Polygon (MATIC) has been enjoying an excellent start to 2023; let's hope it continues.
2. Polygon Network
Many question the decentralized nature of the Polygon network
On Tuesday, Polygon successfully executed a network hard fork, thereby launching a new Polygon blockchain that, according to the company's developers, would enable quicker operations and fewer gas cost increases. However, when the matter came to a vote, there were just 15 validators. 87% of them, or 13 people, agreed to Polygon's proposal.
This small number of people determined the fate of the whole Polygon Network, which raised concern in many individuals' heads - How decentralized is Polygon? We may ponder this question forever, but we know that the hard fork is a technological advancement that will better the Polygon Network for all!
3. Polygon DeFi
Midas Capital releases a debriefing following a $660,000 fraud
Midas Capital, a DeFi lending platform, released a breakdown of the $660,000 vulnerability it encountered on January 16. The attack's origin, Midas Capital, halted lending at the Jarvis Polygon pool. The group said a dubious transfer took advantage of a collateral token they had just introduced.
The hacker used the flash loan vulnerability to borrow money by driving up the price of the WMATIC-stMATIC Curve LP coin. They stole assets valued at more than $660,000. The developers have made an effort to recoup the money. They have made contact with the assailant, hoping that he will give it back in exchange for a bug bounty. There have been no more developments on the attacker's possible response. It is deplorable that DeFi exploits still have not stopped in 2023.
4. NFT
Rarible adds Polygon-based sets to NFT marketplace builder
Rarible, according to a Polygon statement on Wednesday, is expanding its white-label marketplace construction tool for Polygon-based sets. Now that Rarible's infrastructure is available, creators who issue NFTs on Polygon may freely build their collection-specific shop.
Users can also incorporate coins offered on other secondary marketplaces using the platform's native aggregation function. Even better, you can use the tool for free! Therefore, Polygon creators now have a new way of connecting with and growing their audiences.
This news couldn't have come at a more appropriate time since the NFT market is now witnessing a bull run in the early part of the year. The Rarible marketplace is renowned for its user-friendly design and sense of community. This is great news for the Polygon NFT sector and the crypto community!
Additional Notable Events
Polygon DeFi
NFT
Polygon Network
Love the article, Jordan!
Didn't expect such a big change in the Matic ecosystem tbh. But overall, as you said in the article, what are they doing is super beneficial for the crypto environment and NFT's in general.
Users can adopt Polygon NFT's and afterwards, because the human being is a curios creature, for sure it will explore other chains as well.
As for the hack, disappointing to see that Defi still has this kind of problems. Hopefully they will manage to integrate some proper security protocols.
Some cryptocurrencies managed to become safe, even in front of quantum computing hacks.
link - https://www.amarchenkova.com/posts/quantum-secure-cryptocurrencies-qrl-mochimo-iota-cardano
Next to these, I think that Algorand is as well.
Looking forward to see the next article.