Polygon Founder Responds to Allegation That the Crypto Asset’s Backer Dumped Over $5,900,000 in MATIC on Binance

September 7, 2023 The Daily Hodl

Shibarium wallets surpass 100K after SHIB devs relaunch bridge

August 29, 2023 Coin Telegraph

Shytoshi Kusama, the co-founder of the SHIB token, said the bridge was fixed with the help of Polygon Labs co-founder Sandeep Nailwal.

Shibarium, a new layer-2 blockchain for Shiba Inu (SHIB) has surpassed 100,000 wallets on its platform with 35,000 coming within 24 hours of Shibarium's relaunch on Aug. 28.

Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, confirmed Shibarium was back up and running in an Aug. 28 blog post.

At the time, Kusama noted that Shibarium tallied 65,000 wallets across 350,000 transactions — however, those figures have rocketed upwards since, respectively increasing 55.8% and 20.2%, according to Shiariumscan.io.

Shibarium’s block explorer shows that 101,277 wallets have now facilitated 420,897 transactions across 344,614 blocks, with an average block time of 5 seconds.

*The number of wallet addresses increased from 65,000 to over 100,000 within 24 hours of Shibarium re-opening. Source: Shiariumscan.io*

In a statement, Kusama said the relaunch proved that funds are, and always were safe.

The pseudonymous figure also thanked Polygon Labs co-founder Sandeep Nailwal for providing Shibarium assistance with its reboot:

“Quickly after the incident began, I called Sandeep from Polygon directly and without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation. And that, is why our pivot to fork Polygon was the correct one.”

The relaunch of Shibarium reflected well in SHIB’s price, increasing 3.6% to $0.00000825 over the last 24 hours, according to CoinGecko.

*SHIB price over the last 24 hours. Source: CoinGecko*

However, SHIB is still down 14.3% from its $0.00000963 price at the time of the outage.

At the time of the outage, Kusama blamed the “MASSIVE influx of transitions and users” when it went live, and later said it found a case where “thousands upon thousands of contract creation and normal transactions” in one block — which led it going into fail-safe mode.

It is estimated that about $2.5 million in funds were stuck on the bridge at the time.

Shibarium is like a new born baby who got overwhelmed by so many excited family members coming to greet meet them, this time around they're ready but please do handle it with love and care https://t.co/vbsMtILsBa
— Kaal (@kaaldhairya) August 28, 2023

In the days following, the Shibarium team claimed to have scaled the server infrastructure by 1500% to better manage congestion on-chain.

Shibarium is an Ethereum layer-2 network which utilizes SHIB for gas fees. The project focused on building gaming and metaverse applications on the platform.

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Polygon (MATIC) Founder Predicts Future of Ethereum Ecosystem, Names Catalyst for Next 1,000,000,000 New Users

July 27, 2023 The Daily Hodl

Vitalik Buterin and Polygon co-founder to help send $100M toward COVID-19 research

June 9, 2023 Coin Telegraph

Vitalik Buterin and Polygon co-founder to help send 0M toward COVID-19 research

Charity

Research into “Long COVID” and furthering medical infrastructure development will be the two main focus areas for Buterin.

Ethereum co-founder Vitalik Buterin is working with India-based crypto fund Crypto Relief and Polygon co founder Sandeep Nailwal to send $100 million towards COVID-19 research and medical infrastructure development in India.

Buterin and Nailwal will receive $90 million in USD Coin (USDC) from Crypto Relief, while Buterin will provide $10 million out of his own pocket to further the cause. The two will then help distribute the funds.

According to a January 2022 Twitter post from Nailwal, Crypto Relief will transfer the funds to Buterin in order for the India-based crypto fund to remain in full compliance with their local laws.

The first installment went towards tackling the COVID-19 pandemic in India through “emergency humanitarian relief.”

Crypto Relief describes itself as a community-run fund which has delivered financial relief to India during the COVID-19 pandemic.

Buterin explained in a June 8 Twitter post that COVID-19 and “future pandemics” will continue to be a “large risk in the 21st century.” According to Buterin, we need a “global solution” that combines “frontier scientific innovation” and “on-the-ground implementation.”

Last year @CryptoRelief_ led by @sandeepnailwal allocated $100m to Covid research projects I wanted to fund

Sandeep and I discussed and jointly concluded these and other projects are high-impact and need follow through grants. Hence we decided to put $100m more to these projects
— vitalik.eth (@VitalikButerin) June 8, 2023

Buterin said much of the COVID-19 research will focus on COVID-19 airborne transmission by building better medical equipment.

“This includes improving ventilation, HEPA filtering, and experimental tech like UVC irradiation,” he said.

The other main research area will focus on “Long COVID,” Buterin added.

“The most salient risks from Covid today are the very high number of people experiencing very-long-term symptoms (aka #LongCovid), and so Long Covid research continues to be a primary focus.”

We look forward to ongoing collaboration between our teams and our networks. Covid won't end on its own, and there continues to be ongoing risk that the pandemic/hyperendemic will return to a more acute state:https://t.co/vxyd5n27rt
— vitalik.eth (@VitalikButerin) June 8, 2023

Additionally, Buterin explained that the $100 million will be disbursed to a Gnosis Safe wallet using the following contract address.

The first $100 million donation was deployed by Buterin in late January 2022 or soon after, which initially came in the form of Shiba Inu (SHIB).

CryptoRelief sending $100m of the $SHIBA funds back to me. I plan to personally deploy these funds with the help of science advisors to complement CryptoRelief's existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide. https://t.co/xvHxzwwdn8
— vitalik.eth (@VitalikButerin) January 28, 2022

It isn’t the first philanthropic effort of Buterin’s either.

In April 2022, Buterin sent $5 million worth of Ether (ETH) donations to “Aid for Ukraine” to assist its defence against Russia’s invasion in February 2022.

As of November 26, Crypto Relief has managed to raise $473 million in funds, according to the firm’s website.

Cointelegraph reached out to Crypto Relief to get a more up-to-date figure but did not receive an immediate response.

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Polygon powers India police complaint portal, battling corruption

October 13, 2022 Coin Telegraph

Blockchain

The First Information Report (FIR) launched on Polygon allows the citizens of Firozabad to register complaints against the police without worry of it being dismissed or manipulated.

The 2.8 million citizens of India’s Firozabad district may now be able to sleep a little tighter, after the launch of a new police complaint portal that uses blockchain technology to prevent manipulation.

On Oct. 12, Polygon co-founder Sandeep Nailwal announced in a series of tweets that the Polygon blockchain protocol is now being used by Firozabad police in Uttar Pradesh to fight against local police corruption and crime.

Called the First Information Report (FIR), the portal allows victims of crimes to register complaints against local police officers without the complaints either being dismissed or manipulated by potentially corrupt officers.

Nailwal shared that the project was very close to his heart because he grew up hearing stories of victims not getting justice due to local police corruption, many of who were victims of rape.

Police Complaints(FIR) on blockchain powered by @0xPolygon

This is very close to my heart. We grow up hearing about so many of such cases wherein due to some corruption in a local police department, victims(mostly of rapes) are not even able to register complaint or…1/2 https://t.co/k9gRMD6r08
— Sandeep | Polygon 3️⃣ (@sandeepnailwal) October 12, 2022

The video shared by Nailwal was posted by the Firozabad police, featuring a video snippet from the Senior Superintendent of Police for Firozabad, Ashish Tiwari.

Nailwal said the FIR going on the blockchain ensures that the reports can not be manipulated or denied by lower-level officers, and “could be a game-changer in ensuring right to justice.”

In the announcement, Nailwal also thanked the police commissioner for going beyond the call of duty to implement and innovate with technology to ensure equitable justice.

The announcement from the Firozabad police has also been picked up by others in the crypto community, with many seeing it as great news for Polygon, blockchain technology and the citizens of Firozabad.

Twitter user @srinigoes, a veteran of the Indian navy, commented to their 15,200 followers it was “an amazing initiative” to get complaints registered on blockchain, which would ensure transparency.

“The biggest problem in the interiors of India was whoever registered the FIR (First Information Report) first, had first mover advantage,” he said.

1/2
This is an amazing initiative. To get the complaints registered on blockchain. At least the blockchain will ensure transparency. The biggest problem in the interiors of India was whoever registered the FIR (First Information Report) first, had first mover advantage. https://t.co/vMbEWRG4Rr
— Srini ~ Akash the Ape (@srinigoes) October 12, 2022

Kashif Raza, founder of crypto education start up Bitinning noted on Twitter that the first complaint portal on Polygon has now been launching meaning:

“1) Complaints are now immutable. 2) Verifiable. 3) Easy to file.”

On Oct 6, Cointelegraph reported that Polygon announced a partnership with the Ocean Conservation Exploration and Education Foundation (OCEEF) to promote ocean literacy through new creative, entertaining, and engaging ways to give people exposure to deep underwater missions.

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February 15, 2022 Bitcoin.com

Polygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank’s Kevin O’leary

February 7, 2022 Bitcoin.com

Polygon network activity spikes as NFT sales reach new height

January 6, 2022 Coin Telegraph

Coin Telegraph

Polygon's NFT market continues to attract users, though the demographic is more aligned to gaming companies and developers than collectibles as on the Ethereum network.

The number of nonfungible tokens (NFT’s) sold on the layer-two protocol Polygon reached an all-time high last month at just short of 2 million.

According to Dune Analytics, this marks a near 60% rise in comparison to November and the third consecutive monthly increase for the network.

An Ethereum-based scaling solution seeking to construct, distribute and manage securities on blockchain technology, Polygon’s ecosystem has grown exponentially over the past twelve months, registering in excess of 3,000 decentralized applications on its network, in addition to a total value locked figure of $3.86 billion.

Alongside this, the number of unique daily active proof-of-stake chain addresses on the network is also expecting a new all-time high, aiming to surpass the record of 566,516 printed on Oct. 2, 2021, with the most recent data from Jan. 5, 2022, calculating 554,163.

In an interview with Cointelegraph last month, co-founder Sandeep Nailwal revealed that Polygon has found a niche in attracting a high proportion of gaming companies and platforms to build NFT’s on their network, as opposed to the collectibles and art often witnessed on Ethereum.

Polygon’s native token, MATIC, reached a peak price of $2.92 on Dec. 27, 2021, and has subsequently fallen to $2.11 at the time of writing in line with a wider market decline.

Here’s how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep Nailwal

December 25, 2021 Coin Telegraph

Blockchain

Polygon's scalability, efficient processing times and very low gas fees provide a solution to Ethereum's current network limitations, according to Nailwal.

Polygon (MATIC), a layer-two network designed for scaling and application infrastructure development on Ethereum (ETH), has been making the rounds among blockchain enthusiasts as of late. From its $1 billion investment into zero-knowledge technology to co-launching a $200 million Web 3.0 social media initiative up to integrating with Opera's web browser to make its decentralized apps accessible to 80 million Android mobile users, the network's momentum is going strong.

But partnerships and business aside, the technological capacities of the network, especially when compared to Ethereum, are also attracting the attention of many blockchain developers. In an exclusive interview with Cointelegraph, Polygon co-founder Sandeep Nailwal talked about the extent of the network's adoption.

Cointelegraph: What are the current gas prices and transaction speeds for Polygon? And how does that compare to Ethereum?

Sandeep Nailwal (SN): From the Polygon Scan Explorer, you can see that the average block time is around 2.3 seconds. As for Ethereum, that is 15 seconds. And then the gas fees, you can see 0.001 MATIC tokens; this is a point fraction of a penny.

CT: Have there been any notable nonfungible token (NFT) drops on the Polygon network recently?

SN: None of them have become like CryptoPunks or anything, but I think Polygon's biggest kind of support is from the gaming companies [...] They all added to NFT. If you go to market, talk to any random 10 different gaming teams, they will tell you six to seven are building on Polygon.

But the notable drops on NFT, the biggest, have been Dolce and Gabbana, the brand. They made a $7 million sale recently. There are other big luxury premium watch brands, and these guys are coming in. Apart from that [...] Elon Musk minted an NFT. Jack Dorsey minted NFT of his first-ever tweet, and [...] Mark Cuban — all those were on Polygon networks only.

#NFT sales have seen astronomical growth since 2020.

2020 total sales: $340 million
2021 total sales: $9 billion (so far)

Let's see what happens in 2022, with NFTs in sports, gaming, and #metaverses now gaining traction. https://t.co/VDD8v2YwVo via @cointelegraph
— Waz (@DaveWaslen) November 30, 2021

CT: What are some popular decentralized apps built on the Polygon blockchain? And what does their total value locked (TVL) look like?

SN: Polygon is now used by all the decentralized finance applications in Ethereum. The only one remaining was Uniswap. And the community signaled a week back that they are also launching on Polygon now. So as for the popular DApps, I would say Uniswap, Aave, Decentraland, etc. I think the TVL across the bridges is around $5 billion or $6 billion.

CT: What is your objective for investing in zero-knowledge technology?

SN: We had committed $1 billion for zero-knowledge technology, which we believe is the holy grail of blockchain scaling. And privacy is the second element — that's one thing where everybody gets confused. So you use ZK to verify computations back on Ethereum without sending back the entire data. Instead, you simply provide proof that everything was correctly computed on layer two and put a [...] succinct proof back to Ethereum.

CT: In your opinion, would further Ethereum upgrades empower the network's capacity to match that of layer-two solutions?

SN: Even if 2.0 comes in here, that will not provide enough scalability. Next year, the proof-of-stake [PoS] upgrade will keep everything the same; like Ethereum has 13 transactions per second [TPS] right now, maybe it will go to 20 TPS [after PoS], but not more than that. So that does not add anything to scalability. And let's say in three to five years, even if the sharding comes, we'll have a projection of 64 shards. And with each acting at 20 transactions per second, but that's still 1,280 transactions per second overall, right? That's still not enough for the entire world.

CT: What does Polygon's adoption currently look like?

SN: There are 3,000 plus active development teams on it. This was posted by Alchemy some time back. It should actually be up to 5,000. The daily active users on Polygon have become 50% more than Ethereum, and with gaming NFTs, we are seeing so much happening on Polygon.

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Sandeep Nailwal

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