The Sandbox Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

Virtual real estate platform, the Sandbox, is planning to move to Polygon, a layer-2 scaling solution for Ethereum, to better cater to its growing audience. Polygon has been seeing an increasing amount of interest from applications and users who are priced out of Ethereum due to its high fees and slow processing.

The Ethereum-based Metaverse play-to-earn (P2E) is migrating to Polygon to minimize transaction fees and network congestion when interacting with the game.

“The metaverse needs to be built by the people,” said The Sandbox co-founder and COO Sebastien Borget in an interview.

“Once they’re building with our tools and they create experiences that will be ready to be open to the public—and we’re live on layer-2 for publishing experiences on their LANDs—I think that will be a great time to start.”

Once the game makes its transition to Polygon, the game will be able to launch more widely to the public.

Polygon’s MATIC token is one of the top performers in 2021, with 14,000% returns.

There is also a plan to launch a DAO (decentralized autonomous organization) in 2022 to give LAND owners the right to vote on changes to be made in the game. Additionally, LAND NFTs will be released throughout next year.

The Sandbox game was developed and released by game studio Pixowl in May 2012 and acquired by Animoca Brands in 2018. In this virtual world, players can build, own, and monetize their gaming experiences using NFTs and its utility token SAND.

Much like MATIC, the $5.34 billion market cap cryptocurrency SAND is also leading the gains and is up 15,700% this year.

The Sandbox virtual world is also made up of LAND, which are the digital pieces of real estate, and players can buy them to further build experiences on top of it.

Celebrities like rapper Snoop Dogg and brands like Adidas, Atari, and The Walking Dead have all acquired LAND in The Sandbox. This has created “network effects” to drive others to join in.

The team is further working on allowing LAND-owning creators to build and share their interactive experiences.

Last month, the company finally opened its Alpha test period after years of being in development to let people play in its metaverse. Those who have purchased an Alpha Pass NFT could access a larger number of games, and earn token rewards, unlike those without a pass that can only try a few samples and that too without any rewards.

Borget said the reaction to the initial Alpha test, which concluded on December 20, was largely positive. The game had tens of thousands of players during the alpha test, and the number of unique LAND owners surged past 17,000.

The Sandbox now plans to launch similar playtesting periods every couple of months next year.

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Author: AnTy

Polygon Fixes A Bug That Would Have Led To The Loss Of $23.65 Billion In MATIC Tokens

Polygon Fixes A Bug That Would Have Led To The Loss Of $23.65 Billion In MATIC Tokens

Ethereum side-chain project Polygon has paid out a $2.2 million bug bounty in stablecoins to whitehat Leon Spacewalker and another $1.26 million to Whitehat2 in MATIC tokens for reporting the critical vulnerability in the protocol.

The bug bounty was in excess of the maximum value of Polygon’s critical bounty in recognition of the severity of the vulnerability.

If gone unnoticed, the bug would have allowed an attacker to steal all 9.27 billion MATIC (worth $23.65 billion as of writing) from the contract.

“Considering the nature of this upgrade, it had to be executed without attracting too much attention,” said the team on Wednesday in its official announcement.

Before the fix was implemented, on Dec. 5 at block #22156660, 801,601 MATIC tokens (about $2 million) were stolen by a blackhat using the same exploit.

Polygon has since then implemented the fix to the bug that was reported by the whitehats earlier this month.

On Wednesday, Immunefi, a bug bounty platform that assisted in the investigation and advised the hard fork operation, wrote a post mortem in which it shared that the vulnerability was a lack of balance/allowance check in Polygon’s MRC20 standard’s transfer function.

The MATIC token is the native token of the Polygon ecosystem, which is used for paying gas costs, contributing to security through staking, and voting on Polygon Improvement Proposals (PIPs).

Besides being the native gas-paying asset of the Polygon network, MATIC is also an MRC20 contract deployed on Polygon. The MRC20 standard is used for transferring MATIC gaslessly, where the operator pays for the gas and is facilitated by the transferWithSig() function.

“All projects that achieve any measure of success sooner or later find themselves in this situation,” said Polygon’s co-founder Jaynti Kanani. “What’s important is that this was a test of our network’s resilience as well as our ability to act decisively under pressure. Considering how much was at stake, I believe our team has made the best decisions possible given the circumstances.”

The $17.5 billion market cap token MATIC is currently trading at $2.56, down 12.2% from its all-time high of $2.92 hit this Monday. The coin is one of the best performers of 2021, with 14,242% returns.

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Author: AnTy

Polygon Rolls Out EIP 1559 Implementation to Burn MATIC Token

Polygon Rolls Out EIP 1559 Implementation to Burn MATIC Token

Ethereum scaling solution Polygon announced that it is rolling out a testnet implementation of Ethereum Proposal 1559 to introduce a burning mechanism to its network.

This implementation is to burn Polygon’s native MATIC token, the annualized burn is estimated to be 0.27% of the total MATIC supply, and also for better fee visibility, the team said.

EIP 1559 went live on Ethereum mainnet with the London hard fork on August 5th, and since then, 1.18 million ETH worth $4.6 billion have been burned, as per Dune Analytics. By burning nearly 150k ETH, Uniswap (v2+v3) accounts for the largest amount of Ether burned, followed by Opensea, Ether transfers, USDT, MetaMask, USDC, Axie Infinity (AXS), and SushiSwap (SUSHI).

Due to increasing amounts of Ether being burned during periods of high fees, it had led to a continuous decline in ETH issuance, making it a deflationary asset.

Now, Polygon wants to bring the same mechanism to its chain, which it says is a “much-requested” upgrade to the network.

The upgrade has already gone live on the Mumbai testnet on Dec. 14th, at 8 a.m. UTC.

Under the mechanism, there is a discrete base fee for transactions to be included in the next block and a priority fee to speed up processing. The base fee, which fluctuates depending on network congestion, is burned.

Polygon says this will allow its users to estimate costs better as the base fee is the minimum price for inclusion in the next block. According to Polygon, users of Dapp built on its network will benefit from more predictable gas prices.

“These changes have far-reaching implications for all of Polygon’s stakeholders,” said the team.

In its announcement, the team noted that Polygon has a fixed supply of 10 billion MATIC; as such, any reduction in its tokens will have a “deflationary effect.” This deflationary pressure is also expected to benefit both validators and delegators as rewards are denominated in MATIC.

The basic fee burn mechanism will also result in fewer spam transactions and less network congestion. Validators, however, would no longer receive the total amount of the fee but only the priority fee in the future.

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Author: AnTy

Polygon Acquires Mir Protocol Developer for 190 Million MATIC & $100 Mln USDC

Polygon Acquires Mir Protocol Developer for 190 Million MATIC & $100 Mln USDC

Polygon is acquiring the startup Predicate Labs, the developer of the Mir blockchain protocol, for $500 million.

The project will pay $100 million worth of USDC stablecoins and 190 million MATIC tokens, equivalent to just over $400 million at current prices. These MATIC tokens will have a vesting period of three years.

MATIC is a $14.6 billion market cap cryptocurrency, trading above $2, up 11847% YTD. Back in May this year, MATIC hit an all-time high at about $2.62.

This acquisition is part of the company’s strategy to lead the ZK-rollups space and become a bigger player among the layer 2 solutions such as Arbitrum, Optimism, and Loopring (LRC). Four months back, Polygon committed to investing $1 billion in ZK-rollup-related efforts.

Since then, Polygon has acquired Hermez Network for $250 million in August and recently STARK-based Ethereum-compatible rollup Miden and privacy-focused rollup Nightfall.

“Zero-knowledge is the ultimate frontier for internet-level scale for blockchains,” Polygon co-founder Sandeep Nailwal said.

Founded by Brendan Farmer and Daniel Lubarov, Mir is an Ethereum scaling solution that uses zero-knowledge proof (ZK-proof) technology, a cryptographic tool used to create ZK-rollups that enables transactions to be processed without requiring all of their data to be posted on the second largest network.

This technology helps scale Ethereum by reducing the block space and gas fees.

Now, Mir will be integrated into the Polygon ecosystem under the new branding Polygon Zero. Other solutions of the Polygon ecosystem involve Polygon PoS, Polygon Hermez, and Polygon Miden.

The team expects the Polygon Zero ZK-rollup to be ready sometime next year and Polygon Hermez’s zkEVM to launch by mid-next year.

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Author: AnTy

NFL Fans Get Polygon-based Virtual Ticket NFTs In Place Of Ticket Stubs In Ticketmaster Partnership

NFL Fans Get Polygon-based Virtual Ticket NFTs In Place Of Ticket Stubs In Ticketmaster Partnership

Non-fungible tokens (NFTs) are becoming more commonplace as sports franchises embrace cryptographically-unique assets. The latest is the National Football League (NFL).

Ticketmaster And NFL Release NFTs Powered By Polygon Network

An announcement contained in a blog post by Ticketmaster noted that fans will now receive a virtual ticket featuring NFTs instead of the regular ticket stubs. This will be used when attending games for the rest of the year.

Fans attending games will get their NFT in a Ticketmaster digital wallet after making payments. The NFTs will be hosted on the Polygon Network, and NFL fans will have to make their ticket purchases from only authorized Ticketing Network vendors such as Ticketmaster, StubHub, SeatGeek, or visit their team’s official ticket office.

NFTs represent specialized blockchain-based tokens that are used to show ownership of digital items ranging from arts, gifs, images, special game characters, or weapons.

Recently, they have received immense interest, with popular personalities keying into the nascent sub-sector. NFL star Tom Brady has been active in the NFT ecosystem with his NFT platform Autograph, reflecting a strong interest in NFTs.

Senior vice president of NFL club business development, Bobby Gallo, said the league is employing innovation and technology to create “one-to-one experiences” a high priority.

“​​Leveraging the emerging world of NFTs is a new and exciting way for us to create additional value and to further engage with fans who attend select games by providing a virtual commemorative ticket.”

The NFL has picked the Thanksgiving Day game of the Chicago Bears at the Detroit Lions’ Ford Field as the occasion for distributing the NFTs.

Only fans who attend the game will receive the virtual NFT tickets, although others can get a glimpse of them on the NFL marketplace.

NFTs Are Here To Stay In The NFL

This season, the league had already made a big announcement regarding a partnership with NFT-facing protocol Dapper Labs.

The American sports entertainment show announced the imminent release of an NFT marketplace to be hosted on Dapper’s Flow blockchain.

The Flow blockchain is already home to the likes of the well-known National Basketball Association (NBA) and CryptoKitties upcoming digital collectible marketplaces made for the Spanish League (LaLiga) and the Ultimate Fighting Champion (UFC).

A spokesman for the NFL, Matt Basta, believes that this new initiative for fan engagement with Ticketmaster is different from its partnership with Dapper Labs.

The agreement with Dapper Labs will see the NFL offer digital collectibles of video highlights to fans. The Flow-based NFT marketplace is expected to launch before the end of the current season in February 2022.

On its Twitter account, the organization has already started requesting fans to tag various exciting plays that they want transformed into NFTs. This request from the Dapper Labs has generated varied responses from fans who are anxious to have their favorite clips and play moments become video collectible that they can own and store.

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Author: Jimmy Aki

Polygon (MATIC) Network See App Developers Grow by 60% Monthly on Average

Polygon (MATIC) Network See App Developers Grow by 60% Monthly on Average; 145% Increase in Usage

Layer-two protocols are meant to take the weight off the base protocol. However, it looks like one such scaling solution is rapidly becoming an ecosystem in its own right.

Over 60% of Projects Build On Polygon

The Polygon network is a popular choice for several decentralized applications (dApps) protocols and this interest has been tracked down by a recent report by blockchain development company Alchemy.

According to the piece, 62% of all projects run natively on the Polygon network compared to the 38% that run in parallel on the Ethereum and Polygon networks. Further buttressing its point, the report noted that over 3,000 dApps have launched on Polygon compared to 30 in October last year.

Meant to help in network congestion and high gas fees in peak trading periods, Polygon’s month-over-month usage growth has spiked to 145% in October with a further 61% more development teams building on the layer-two protocol compared to September.

Commenting on the protocol’s remarkable growth, Alchemy product manager Mike Garland noted that the scaling solution was growing “two times faster than Ethereum did at this point in its lifecycle.”

Polygon’s modular, flexible framework called the Polygon SDK has served as a huge draw for many developers. This has seen it become the number one scaling solution for the popular dApp facilitator. This is coupled with its 65,000 transactions per second (TPS) throughput, low-cost, and energy-efficient appeal for validating and deploying apps on it rather than the base protocol.

These figures position Polygon as a top rival to the Ethereum network. However, many believe that this puts the multi-chain protocol as a suitable complement to the older blockchain while fledgling out an entire ecosystem for itself alongside.

Polygon Racking Up Crypto Attention

With only $15.7 billion in market cap, Polygon’s MATIC token is considered a small-cap project. However, what it lacks in size, the scaling solution makes up for it with integrations and fundamental adoption.

In a business release, crypto asset management firm Bitwise, announced the launch of its Bitwise Polygon (MATIC) Fund. The investment initiative is meant to provide a low-cost and secure way to invest in the native token of the Polygon network.

Another remarkable feat is the launch of the Polygon Ecosystem Index (PECO) token that will provide exposure to Polygon native projects. This will track the performance of Quickswap DEX, DFyn, among several others.

Also, sports-betting company DraftKings Marketplace is collaborating with the Polygon network to enable a more accessible non-fungible token (NFT) marketplace. Alongside this, DraftKings will also run a validator node on the Polygon network.

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Author: Jimmy Aki

Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops

Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops in Marketplace

Popular sports betting company DraftKings has taken a step further into the world of cryptocurrencies and blockchain by becoming a full validator for Polygon Network, an Ethereum-based scaling platform.

The firm, whose market capitalization currently stands at $20 billion, announced that scalability remains a challenge in the blockchain space, noting that they aim to set the ground running for the DraftKings marketplace — an ecosystem that focuses specifically on NFTs.

To become a validator, the betting giant will launch a node on the Polygon Network to enhance the verification of transitions using a proof-of-stake (PoS) consensus protocol.

DraftKings and Its Validator Status

Paul Liberman, co-founder and president of global product and technology at DraftKings, in a statement, said,

“Scalability and sustainability remain among the critical challenges of blockchain technology, so as we lay the groundwork today for the vision of DraftKings Marketplace tomorrow, the vast insights and proven products from Polygon around scalable solutions are invaluable.”

Through this collaboration, DraftKings will have the option of contributing to Polygon’s governance. This means the betting firm, being a token holder, will have a say in implementing changes to the network after staking their tokens on the platform.

DraftKings, in August this year, collaborated with the Tom Brady-backed NFT marketplace Autograph to roll out the Preseason Access Collection, a marketplace for NFT collectibles from famous athletes. Some of these athletes include Jamaican sprinter Usain Bolt and U.S. gymnast Simone Biles.

The marketplace debut came as trades in blockchain-registered images soared, making NFTs more attractive to retail traders.

DraftKings’ NFT

As sports companies and athletes are more interested in the NFT markets than ever before, DraftKings, backed by over 5.5 million users, is ready to tap the potentials of this market.

According to DraftKings’ president, Matt Kalish, turning that audience onto NFTs and keeping them engaged was a key focus of the marketplace launch.

“Whether someone is well-versed or barely familiar with digital collectibles, we envision DraftKings Marketplace being a premier platform for all within a trend that is decidedly here to stay.”

As issues of stability and increased transaction fees continue to trail the Ethereum blockchain, decentralized applications (dApps) development are now shifting attention to alternatives with more scalable solutions and lesser transaction fees. Some of these solutions include Algorand, Solana, Cardano, and Polygon.

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Author: Jimmy Aki

Daily Transactions on Polygon (MATIC) Tank After the Gas Hike to Fight Spam

Daily Transactions on Polygon (MATIC) Tank After the Gas Hike to Fight Spam

The daily transactions on Ethereum layer Polygon dropped significantly after the team decided to push a client update to increase the minimum gas to fight spam and improve network health.

“Even if all the validators adopt this setting, the gas prices are still expected to remain extremely low ($0.001 – $0.01) for the end-users,” said the team on Saturday.

On Oct. 9, the day the Polygon team tweeted its decision, the daily transactions fell to about 2.9 million, down from more than 6 million earlier this month and over 7 million on Sept. 26. In April this year, the network started seeing traction and hit an all-time high at 9.17 million in mid-June.

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Community members weren’t thrilled with the team’s decision to hike the fees, with many disagreeing with it while others were saying that this increase is too drastic.

The team meanwhile maintains that minimum gas price is not a network level setting or upgrade rather a client level setting as such validators are free to decide if they want to increase the fees.

“This is an optional setting for Polygon PoS nodes/clients.”

“Polygon PoS is a decentralized network, so it is completely up to validators to decide whether they will accept this value or configure their nodes to another value.”

However, the Polygon team made the already changes in the nodes they are operating before sharing the same with the community.

Average gas in result spiked and has been keeping above 50 Gwei since then, which is likely to be what caused the daily transaction count to fall substantially.

Polygon is the sixth-largest blockchain by asset, locked at $4.29 billion, down from a $10.54 billion peak on June 15. Recently, Polygon surpassed Ethereum in daily active addresses.

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Author: AnTy

Polygon to Integrate EY’s Blockchain Solutions Into Its Ecosystem

Polygon to Integrate EY’s Blockchain Solutions Into Its Ecosystem

The past few weeks have been interesting for blockchain platforms, many of them seeing greater adoption beyond just cryptocurrency development.

This week, Polygon secured a monumental partnership with one of the “Big Four” accounting firms to improve transaction efficiency.

Moving On from Etheruem

In a press release, financial services giant Ernst & Young (EY) confirmed that it would integrate its flagship blockchains services into the Polygon suite. The announcement explained that this partnership would improve EY’s blockchain functionality, allowing enterprise clients to make better, cheaper transactions.

The partnership will focus primarily on the EY OpsChain and EY Blockchain Analyzer. Both tools will be integrated into Polygon, offering EY’s clients increased transaction speed and more predictable fees. Both partners will also look to provide permissioned, private optimistic rollup chains – essentially, layer-two solutions that improve transaction speed and cost compared to the Ethereum mainnet.

Ethereum’s transactions problems are well known. The Ethereum blockchain remains highly congested, thanks to increased activity in spaces like decentralized finance (DeFi) and non-fungible tokens (NFTs). This congestion issue has led to rising gas fees and concerns about scalability. Etheruem is looking to address these issues by migrating to a proof-of-stake (PoS) mechanism in its ETH 2.0 upgrade, but that will not come until 2022 at the earliest.

With ETH 2.0 on the way, several blockchains have looked to step up in Ethereum’s palace. Polygon (MATIC) is just one of the many names, with blockchain like Fantom (FTM), Solana (SOL), and much more throwing their hats into the ring. The Cardano (ADA) blockchain also recently implemented smart contracts, putting it on the same pedestal as Ethereum (ETH) for developers.

With so many competitors now looking to steal the spotlight, there is incredible pressure on the Ethereum blockchain to become more scalable when ETH 2.0 comes. If it is unable to, then Ethereum would lose even more market share than it already has.

EY’s Blockchain Exploits

EY has been doing a great deal of work to improve its blockchain infrastructure. The company is blazing the trail for financial services using blockchain technology, doing much more than the rest of its “Big Four” competitors for blockchain development.

Earlier this year, the financial services giant invested $100 million into development and engineering for several blockchain product offerings.

The company launched second-generation Smart Contract & Token Review tools through the Blockchain Analyzer suite as part of the move. These included a testing studio for simulated smart contract execution, which will help complex applications in the decentralized finance (DeFi) space.

EY also pointed out that Italian beer company Peroni has been using its EY OpsChain Traceability – an Etheruem-based supply chain solution, to notarize company information. Peroni also plans to mint NFTs to identify and track data for patches of its beer.

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Author: Jimmy Aki

Polygon Continues Expansion Play With DeFi Focus, Forming A Decentralized Autonomous Organization

Polygon Continues Expansion Play With DeFi Focus, Forming A Decentralized Autonomous Organization (DAO)

Ethereum infrastructure developer Polygon is making some big moves as it seeks to appeal to the decentralized finance (DeFi) space.

On Thursday, the company announced that it would increase its focus on DeFi as it looks to capture the space. First on its agenda is the formation of a Decentralized Autonomous Organization (DAO).

Polygon’s blog post invited community members to share their views on a possible DAO. The company plans to create committees that will promote possible discussions between projects such as Sushi Aave and QuickSwap as it looks to bring DeFi to its users.

The blog post went on, highlighting Polygon’s belief that a DAO is the next logical step in its DeFi mission. Polygon also explained that it would use part of its #DeFiForAll fund, which stands at $100 million, to begin the process of forming a DAO.

“As the Polygon ecosystem grows, the committee members have a front-seat opportunity over others to increase cross-collaboration for their products. Voting for elections of new members could be implemented in multiple ways like by using staked MATIC on PoS or via the DAO token holders.”

Polygon Grows its Ecosystem

Polygon’s focus on DeFi is coming just a week after the company incorporated ZK-rollup project Hermez Network in a deal reported to be worth $250 million. In an announcement, Polygon explained that Hermez would be a part of its suite of solutions, with its name changing to Polygon Hermez.

As a zk-rollup, Hermes helps to verify the accuracy of a large batch of crypto transactions. The transactions themselves are executed by an outside ecosystem, and proofs are immediately generated. These proofs are posted to the Ethereum blockchain, helping the chain to save block space and speed up transaction confirmation times.

As part of the deal, all holders of Hermez’s native HEZ token will be able to exchange them at a swap ratio of 3.5 MATIC: 1 HEZ.

Polygon added that HEZ will be phased out, although it hadn’t set a date for that yet. The company will also absorb Hermez’s team, which comprises 26 people. The employees will be deployed to join Poygon’s team, working on projects such as an Ethereum Virtual Machine (EVM)-compatible solution.

Polygon has also made strides in improving its MATIC token’s utility. Last month, the MATIC mainnet was fully incorporated into the Binance platform, making it easier for Binance traders and users to make MATIC-based transactions through their accounts. The integration also allows them to interact with decentralized applications like Balancer and SushiSwap.

While the move focuses specifically on the MATIC mainnet token, Binance also plans to support BEP20, ERC20, and BEP2 MATIC associated tokens. The exchange is the latest to receive MATIC mainnet integration, with Polygon also completing the steps with Huobi and the Coinbase Wallet.

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Author: Jimmy Aki