In the face of an increase in the number of attacks on DeFi platforms, Polygon has decided to take new measures. The Ethereum scaling platform just recently revealed a $2 million bug bounty.
In that way, Polygon expects to “root out and eliminate potential security flaws”, according to a press release. Only a couple of months back, the DeFi community experienced among its greatest hacks when it lost over $600 million on various platforms.
Polygon recorded an $85 million loss at the time. While Ethereum and Binance Smart Chain (BSC) taped a combined price quote of $500 million in losses.
The exploit used by the Poly Network hacker focused on a blockchain agnostic trading pool called O3 Swap. Ironically, the enemy that committed this hack asked the jobs for more security procedures and openness.
The Polygon network bounty program is live since September 20, 2021, on the bug bounty platform Immunefi. Focused on DeFi and smart contract security, the platform will host the program as an “open invitation to security researchers”.
In that way, the project expects to find and fixed potential security vulnerabilities in the smart contracts and dApps ecosystem power by Polygon. Thus, the platform looks for to provide its users more security and defense for their funds.
The bug bounty program will reward white hackers in relation to their findings and the severity of the potential security vulnerability discovered. The benefits will vary from the $1,000 for “low-level threats”, the release clarifies”, and $2,000,000 for crucial risks.
On the other hand, if a white hacker finds a vulnerability on a dApp, they could receive a reward ranging from $2,500 to $15,000. Payments will be made in the following cryptocurrencies: Polygon (MATIC), Ethereum (ETH), or a stablecoin.
How Polygon Will Operate Its Bounty Program
Polygon will leverage Immunefi Vulnerability Classification System. This system will enable the group to have a risk category system according to the possible vulnerability of the network.
In order to be eligible for a reward, white hackers must submit a report that needs to include certain details about their findings. For example, reports should have a detailed guide so the Polygon group can replicate the possible hazard and other proof such as screenshots and logs.
Data from research firm Messari claims that over $284 million have been lost to DeFi hacks since 2019. Thus, why an enhancement in this sector’s security has actually ended up being a “matter of utmost importance”.
Sandeep Nailwal, Co-Founder of Polygon said the following on their new bounty program:
User security is at the leading edge of Polygon’s values. This substantial bounty offering aims to solidify what we know to be an extremely secure network.
On the other hand, creator and CEO of Immunefi Mitchell Amador stated:
Bug bounty programs continue to be a vital part of the security stack for securing crypto procedures and user funds secured their agreements. We’re proud Polygon chose us among other platforms to ensure the safety of its protocol, and look forward to our collaboration.
At the time of composing, MATIC trades at $1,21 with a 9.5% earnings in the day-to-day chart.
