Polygon’s network activity surges as NFT sales are reaching new highs and the market continues attracting new users. However, the demographic is more aligned for gaming companies and developers but that doesn’t stop Polygon from growing so let’s take a closer look in today’s altcoin news.
The number of NFT sales on the Polygon network reached an all-time high last month just shy of 2 million. According to Dune Analytics, this marks a 60% rise in comparison to November and the third consecutive monthly increase for the network. An Ethereum-based scaling solution that is seeking to construct and manage securities on the blockchain technology, Polygon’s ecosystem grew exponentially over the past 12 months and registered more than 3000 decentralized applications on the network with a total value locked of $3.86 billion.
The number of unique daily active proof of work chains addresses on the network is expected to reach a new high that will surpass the record of 566,516 printed on October 2, 2021, with the most recent data calculating 554,163. The co-founder Sandeep Nailwal revealed that Polygon found a niche in attracting a high proportion of gaming companies and platforms to create NFTs on the network as opposed to the collectibles and art often witnessed on Ethereum. Polygon’s native token MATIC reached a peak price of $2.92 at the end of 2021 and then dropped to $2.11 at the time of writing.
As recently reported, Polygon went through a hard fork earlier this month and now about 24 days later, the platform justified its actions citing a criticial vulnerability that could have drained the network of MATIC. Further detailing the incident, Polygon cited critical vulnerability and said a whitehat hacker named Leon SpaceWalker reported this vulnerability at the beginning of December. After the report, in coordination with Immunefi, a huge bug bounty platform for Defi projects, the team investigated blockchain activity and validated the fix so it hard-forked on December 5.
Polygon’s co-founder Mihailo Bjelic said that the hard fork was due to a vulnerability in one of the verified contracts but didn’t give more details. Not all of the Polygon node operators that are responsible for running the network software, were aware of the hard fork as some only noticed their nodes being disconnected. In the meantime, the team aimed to pay a bounty of $2.2 million in stablecoins to the whitehat hacker and another $1.2 million to WhiteHat2 had submitted a report in December because of the same vulnerability.
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