A recent price rally in the market of Polygon's native MATIC token pushed its prices above $1.56 for the first time in more than two months. The MATIC/USDT exchange rate rose 20.65% in just two days to reclaim its June 17 high. Traders raised their bids for the pair after Polygon announced that it would create a decentralized autonomous organization (DAO) for its community members while focusing specifically on the booming decentralized finance (DeFi) space. Polygon, which offers layer-two scaling solutions for Ethereum projects, allocated $100 million for the DAO creation — and also to bring DeFi projects into its …

Ethereum scalability infrastructure developer Polygon said it will form a decentralized autonomous organization, or DAO, for all of its community members, as well as projects in decentralized finance, or DeFi. In a Thursday announcement, Polygon called on its members to express their views on the platform forming a DAO. According to Polygon, it plans to create committees to promote discussion between projects including QuickSwap, Sushi Aave and others to “bring DeFi to the next million users.” “As the Polygon ecosystem grows, the committee members have a front-seat opportunity over others to increase cross-collaboration for their products,” said the project. “Voting …

Digital collectibles platform Terra Virtua has moved from the Ethereum blockchain to Polygon in an attempt to be greener. In a Monday announcement, Terra Virtua said it had switched to Polygon as part of a plan to create a more sustainable nonfungible token, or NFT, ecosystem. The platform claimed the move would reduce the energy necessary to create a single NFT by more than 99%. However, Terra Virtua will also remint all digital collectibles previously unsold on Ethereum in the move to Polygon. “Our mission is to revolutionise how audiences engage with NFTs and make them accessible to everyone, but …

Layer-two protocol Polygon will be merging ZK-rollup project Hermez Network into its ecosystem for $250 million worth of MATIC tokens. In a Friday announcement, Polygon said Hermez would become a part of the network’s suite of solutions under the name Polygon Hermez. The 26 people in the Hermez team as well as its tech and solutions — including work on an Ethereum Virtual Machine-compatible solution — will join the platform. As part of the merger, holders of Hermez’s native HEZ will be able to exchange the tokens at a rate of 3.5:1 to Polygon’s MATIC tokens. Polygon said HEZ tokens …

The world’s first decentralized token is on its way to cheaper transactions and widespread adoption with help from a well-known DeFi protocol. With the mission to help users access the best of the services available on the blockchain, Mimo has undergone an integration with the Polygon framework to bring added utility to their network. Mimo DeFi became the first platform allowing its users to mint stable tokens algorithmically pegged to the Euro without spending any digital assets. Instead, cryptocurrency investors could lock up any cryptocurrency in their possession. Investors could do so while simultaneously minting PAR tokens, letting their assets …

The hacker behind a $610 million attack on the cross-chain decentralized finance (DeFi) protocol Poly Network has returned almost all of the stolen funds amid the project saying their actions constituted “white hat behavior.” According to a Thursday update on the attack from Poly Network, all of the $610 million in funds taken in an exploit that used "a vulnerability between contract calls” have now been transferred to a multisig wallet controlled by the project and the hacker. The only remaining tokens are the roughly $33 million in Tether (USDT), which were frozen immediately following news of the attack. The …

The Poly Network hacker has now returned $258 million to the cross-chain decentralized finance (DeFi) protocol and conducted a question-and-answer session detailing how the initial hack went down. In what is being described as the largest DeFi hack to date, the Poly Network suffered a $612-million exploit on Tuesday that saw the hacker steal assets from Ethereum, Binance Chain and the Polygon Network. Tom Robinson, the chief scientist at blockchain analytics firm Elliptic, told Forbes on Wednesday that the hacker has now returned roughly $258 million worth of funds to Poly so far — with $342 million yet to be …

These transfers have occurred across the three wallets associated with the Poly Network hacker across the Ethereum, Binance Smart Chain (BSC) and Polygon networks. Poly Network confirmed receipt of the returned funds via a tweet issued on Tuesday. Details from Etherscan show that $2 million worth of Shiba Inu (SHIB) and $616,000 in Fei USD (FEI) tokens are being returned. So far, we have received a total value of $4,772,297.675 assets returned by the hacker. ETH address: $2,654,946.051 BSC address: $1,107,870.815 Polygon address: $1,009,480.809 pic.twitter.com/bPFAQk4mvS — Poly Network (@PolyNetwork2) August 11, 2021 Data from BscScan also shows the hacker returning …

Teller Finance, a non-collateral lending protocol for the decentralized finance (DeFi) market, has officially deployed its mainnet on Polygon, marking a significant milestone in its quest to offer scalable user-friendly solutions. With the launch of Teller’s Polygon mainnet, users can begin making deposits and funding liquidity pools immediately, the company disclosed Tuesday. The Teller protocol continues to be available for use on the Ethereum (ETH) mainnet. Teller’s Polygon deployment is part of a broader strategy to widen the mainstream appeal of digital assets without the bottlenecks of slow transaction speeds and higher fees. Teller’s CEO, Ryan Berkun, credited the success …

Tuesday started with a bang after Poly Network was hacked for $610 million in funds in what appears to be the worst hack in the history of decentralized finance, and the price of Bitcoin (BTC) dropped by 2% to trade near $45,000. Despite the severity of the hack, most altcoins are holding on to their recent gains, and those that have registered small losses line up with the pullback in Bitcoin’s price. Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were IoTeX (IOTX), Rally (RLY) and Axie Infinity (AXS). Coinbase listing boosts …

Multichain infrastructure network Biconomy has formally launched its Hyphen mainnet, setting the stage for instant low-cost token transfers across Ethereum-compatible blockchains. With the launch of Hyphen, users can make near-instantaneous USD Coin (USDC) transfers between Ethereum Virtual Machine, or EVM, compatible chains rather than waiting 30 minutes or hours, as is currently the case. Biconomy can facilitate speedy transfers by maintaining and rebalancing token liquidity on both sides of the chain, the company said Tuesday. Biconomy’s chief technology officer, Sachin Tomar, explained the existing challenges facing cross-chain transfers: “On average, to transfer funds from Layer1 to Layer2 blockchains, it can …

In what may be the largest attack in decentralized finance, or DeFi, unknown hackers used an exploit on cross-chain protocol Poly Network to remove at least $600 million from three chains. According to a Tuesday update on Twitter, Poly Network said the attacks had removed assets from Binance Chain, Ethereum and the Polygon network. Blockchain data from the respective networks shows the hackers stole roughly $273 million from Ethereum, $85 million in USD Coin (USDC) from the Polygon network, and $253 million from the Binance Smart Chain. Poly also reported renBTC, wrapped Bitcoin (WBTC), and wrapped Ether (WETH) were involved …