A happy new year to you. Last week was filled with interesting developments. Here’s what happened — Polygon dodged a bullet: it fixed a bug that threatened $24 billion in MATIC. Meanwhile, Tesla’s CEO Elon Musk commented on the mystery surrounding Bitcoin creator Satoshi Nakamoto. ALPEX is working on innovative and exciting projects. Find out more in this week’s newsletter.
To begin — Polygon explained how it missed a bullet after detecting a vulnerability, introduced a fix, upgraded its network, and paid off a bounty to the whitehat hackers. A bug was discovered in the Polygon PoS genesis contract on December 3rd when two whitehat hackers notified Immunefi of the problem. Malicious entities could have siphoned off nearly 9.2 billion MATIC tokens (worth approximately $24 billion) out of MATIC’s total supply of 10 billion.
As a result, Polygon’s core team worked with whitehat hackers and Immunefi to introduce a fix that upgraded 80% of the network without halt within 24 hours. The Polygon team responded to this disclosure quickly and effectively. The fact that this incident ended well is a testament to their expertise. Coordinating closely with Polygon validators helped avert a potential disaster.
Elon Musk rocks our weekly newsletter with an interesting comment. Tesla’s Elon Musk Reveals Bitcoin Creator Satoshi Nakamoto Theory, Admits He Doesn’t Understand Ethereum, And Issues with Dogecoin’s Mars Prediction During Crypto Price Crash last week.
In fact, Musk has commented on Satoshi Nakamoto’s true identity and named crypto pioneer Nick Szabo as the architect of that evolution. In the meantime, Satoshi Nakamoto’s mystery has helped bitcoin become a decentralized, independent technology.
The Uniswap Trading Platform is on track to surpass $1 trillion in trading volume in 2021, and Uniswap V3 will maximize capital efficiency by more than 1,000 times. Additionally, it accounts for more than 75% of Ether DEX trading volume. Currently, there are only 2 million users, 100 times less than CEXs such as Binance, which means that DEXs still have a huge market to capitalize on.
Furthermore, GroupDAO has been launched and DAO is still growing rapidly. Similarly to OpenDAO issuing SOS tokens and targeting OpenSea, GroupDAO appears to be a copycat of Twitter. It is unclear whether Twitter will continue to allow GroupDAO to operate, but it reflects DAO mania.
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