In the face of increasing numbers of attacks on DFI platforms, Polygon has decided to take new measures. The Ethereum Scaling Platform recently announced a $ 2 million bug reward.
In this way, Polygon hopes to “eliminate and eliminate potential security flaws,” a press release said. Just a few months ago, the DFI ecosystem experienced one of its biggest hacks when it lost more than $ 600 million on various platforms.
Polygon recorded a loss of 85 85 million at the time. However, Ethereum and Binance Smart Chain (BSC) recorded a combined loss of $ 500 million.
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The exploitation used by poly network hackers focuses on a blockchain agnostic trading pool called O3 Swap. Ironically, the attacker who carried out the hack asked the projects for more security and transparency.
Polygon Network Bounty Program Live from September 20, 2021 on Bug Bounty Platform Immune. Focusing on DFI and Smart Contract Security, the platform will host the program as an “open invitation for security researchers”.
In this way, the project hopes to detect and correct potential security vulnerabilities between Smart Compact and dApps ecosystem power by Polygon. Thus, the platform wants to give its users more protection and security for their funds.
The Bug Bounty program will reward white hackers for intensifying their searches and discovering potential security vulnerabilities. Rewards will range from নিম্ন 2,000,000 to নিম্ন 1,000 for “low-level threats,” the release clarifies, and critical threats.
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On the other hand, if a white hacker finds a vulnerability in a dApp, they can get rewards ranging from $ 2,500 to $ 15,000. Payment will be made in the following cryptocurrencies: Polygon (Matic), Etherium (ETH), or a stable coin.
How Polygon will manage its grant program
Polygon immunity vulnerabilities will exploit the classification system. This process will allow the team to categorize threats according to potential vulnerabilities in the network.
To be eligible for the award, white hackers must submit a report that includes specific details about their results. For example, the report should contain a step-by-step guide so that the polygon team can reproduce potential threats and other evidence such as screenshots and logs.
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Information from the research institute Mesari Claim More than 28 228 million has been lost to DFI hacks since 2019. Thus, why improving security in this sector has become a “very important issue”.
Polygons co-founder Sandeep Nailwal said the following in their new grant program:
User safety is at the forefront of polygon policy. The purpose of this significant grace offer is to make what we know a highly secure network.
On the other hand, Mitchell Amador, founder and CEO of Immunofee, said:
Bug bounty programs continue to be an essential part of the security stack to keep crypto protocols and user funds in their contracts. We are proud to choose Polygon among other platforms to ensure the security of our protocol and look forward to our cooperation.
At the time of writing, Matic is trading at 21 1.21 with a 9.5% profit on the daily chart.