{"id":250838,"date":"2022-08-08T14:00:26","date_gmt":"2022-08-08T08:30:26","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=250838"},"modified":"2022-08-08T12:53:13","modified_gmt":"2022-08-08T07:23:13","slug":"the-true-implications-of-a-polygon-based-game-losing-it-all-in-a-rug-pull","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/the-true-implications-of-a-polygon-based-game-losing-it-all-in-a-rug-pull\/","title":{"rendered":"The true implications of a Polygon-based game losing it all in a rug pull"},"content":{"rendered":"<p>Polygon, a decentralised Ethereum scaling platform, saw significant traction in 2022. This was the case, especially ahead of the much-anticipated Ethereum Merge. In fact, dominant buyers too have <a href=\"http:\/\/ambcrypto.com\/polygon-can-see-volatile-price-move-in-near-term-heres-why\/\">clamped down<\/a> on the native token, sensing opportunity.<\/p>\n<p>However, the altcoin recently saw some bearish indicators to offset the aforementioned (bullish) scenario(s).<\/p>\n<h4><strong>High (tides) to low\u00a0<\/strong><\/h4>\n<p>MATIC, at press time, was trading just above the $0.92-mark on CoinMarketCap, intending to cross the $1 mark. However, now the goal could see some damage as the network lost some fundamental traction too.<\/p>\n<p>Dragoma, an activity developed-in GameFi+SocialFi based on Polygon, took a major life-threatening hit, as reported by security experts. PeckShield <a href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1556457893524033538?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1556457893524033538%7Ctwgr%5E13b7d6bb51f60ff7b8bd0c17a9dda1eaeb9babc0%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Ftwitter.trello.services%2Ftweets.html7B22secret223A22UiCVFiTjkhrb0omBkBAINzKFooRRipuB5VeEEDmHmXloWvcJtg0HhMyNm2MG8QeG222C22context223A7B22version223A22build-176892222C22member223A2260597eaeb2d1b213ebb1b807222C22permissions223A7B22board223A22write222C22organization223A22read222C22card223A22write227D2C22organization223A2260fe1fbdb5fb7109a31d039b222C22board223A2261156304430c673037245e98222C22card223A2262f08320caed3e26b8c81887222C22command223A22attachment-sections222C22plugin223A2255a5d917446f51777421000b227D2C22locale223A22en-US227D\">highlighted<\/a> a rug pull development, following which, DMA dropped by more than 99%. In doing so, DMA plummeted from $1.8 to $0.004.<\/p>\n<figure id=\"attachment_250849\" aria-describedby=\"caption-attachment-250849\" style=\"width: 1669px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-11.41.35-AM.png\"><img decoding=\"async\" class=\"wp-image-250849 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-11.41.35-AM.png\" alt=\"\" width=\"1669\" height=\"1560\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-11.41.35-AM.png 1669w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-11.41.35-AM-300x280.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-11.41.35-AM-1024x957.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-11.41.35-AM-768x718.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-11.41.35-AM-1536x1436.png 1536w\" sizes=\"(max-width: 1669px) 100vw, 1669px\" \/><\/a><figcaption id=\"caption-attachment-250849\" class=\"wp-caption-text\">Source: Twitter<\/figcaption><\/figure>\n<p>To make matters worse, t<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">he <a href=\"http:\/\/www.dragoma.io\">Dragoma website<\/a><\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> was down, with the social media channel deleted at press time. Even the (stolen) funds had been deposited to exchanges.\u00a0<\/span><\/p>\n<h4><strong>Wait a minute&#8230; here comes the climax<\/strong><\/h4>\n<p>Unfortunately, the said horror wasn&#8217;t over yet given the bearish climax as the parent platform too suffered the same fate. Not a hack, but a losing traction streak.<\/p>\n<p>Herein, Polygon &#8211; the leading Ethereum (ETH) scaling ecosystem &#8211; for the very first time, lost its place to Optimism. Ergo, one might argue that one aspect remains clear &#8211; The latter firmly believes in &#8216;quality over quantity.&#8217; Here&#8217;s why &#8211;<\/p>\n<p>The Optimism (OP) network with its 61 products surpassed $2.38 billion in total value locked (TVL). On the contrary, the former with 282 protocols managed only $1.83 billion, despite its size.<\/p>\n<figure id=\"attachment_250854\" aria-describedby=\"caption-attachment-250854\" style=\"width: 1593px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-12.00.03-PM.png\"><img decoding=\"async\" class=\"wp-image-250854 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-12.00.03-PM.png\" alt=\"\" width=\"1593\" height=\"705\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-12.00.03-PM.png 1593w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-12.00.03-PM-300x133.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-12.00.03-PM-1024x453.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-12.00.03-PM-768x340.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-08-at-12.00.03-PM-1536x680.png 1536w\" sizes=\"(max-width: 1593px) 100vw, 1593px\" \/><\/a><figcaption id=\"caption-attachment-250854\" class=\"wp-caption-text\">Source: DeFiLama<\/figcaption><\/figure>\n<p>In fact, Ethereum&#8217;s L2s ecosystem, despite a shaky start this year, managed to register a massive uptick in the graph below. Optimism alone saw gains of over <a href=\"https:\/\/l2beat.com\">700%<\/a> in terms of TVL &#8211; Something that Polygon couldn&#8217;t really match.<\/p>\n<p>Moving on to on-chain indicators, trading volume for MATIC declined below the 270M mark on Santiment. A concerning fall; from creating 2.7B in volume to its current picture.<\/p>\n<figure id=\"attachment_250856\" aria-describedby=\"caption-attachment-250856\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Polygon-ERC20-MATIC-12.10.28-08-Aug-2022.png\"><img decoding=\"async\" class=\"wp-image-250856 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Polygon-ERC20-MATIC-12.10.28-08-Aug-2022.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Polygon-ERC20-MATIC-12.10.28-08-Aug-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Polygon-ERC20-MATIC-12.10.28-08-Aug-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Polygon-ERC20-MATIC-12.10.28-08-Aug-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Polygon-ERC20-MATIC-12.10.28-08-Aug-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Polygon-ERC20-MATIC-12.10.28-08-Aug-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Polygon-ERC20-MATIC-12.10.28-08-Aug-2022-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-250856\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>Not just the trading volume, but even the social volume<a href=\"https:\/\/app.santiment.net\/charts?settings=%7B%22slug%22%3A%22matic-network%22%2C%22ticker%22%3A%22MATIC%22%2C%22from%22%3A%222022-02-08T18%3A29%3A59.999Z%22%2C%22to%22%3A%222022-08-08T18%3A29%3A59.999Z%22%7D&amp;widgets=%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22wm%22%3A%5B%22price_usd%22%2C%22social_volume_total%22%5D%2C%22wax%22%3A%5B0%2C1%5D%2C%22wpax%22%3A%5B%5D%2C%22wc%22%3A%5B%22%2326C953%22%2C%22%2368DBF4%22%5D%2C%22ws%22%3A%7B%221%22%3A%7B%22interval%22%3A%221d%22%7D%7D%7D%5D\"> reiterated<\/a> the same narrative. This may be one of the main reasons why the flagship token could barely see any price surge.<\/p>\n<p>But, could the network bounce back? Well, YES as Polygon&#8217;s <a href=\"http:\/\/ambcrypto.com\/polygon-can-see-volatile-price-move-in-near-term-heres-why\/\">past bears<\/a> witness to the same. Polygon supporters have uniformly marched along the line, regardless of the situation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Polygon, a decentralised Ethereum scaling platform, saw significant traction in 2022. This was the case, especially ahead of the much-anticipated Ethereum Merge. In fact, dominant buyers too have clamped down on the native token, sensing opportunity. However, the altcoin recently saw some bearish indicators to offset the aforementioned (bullish) scenario(s). High (tides) to low\u00a0 MATIC,<a href=\"https:\/\/ambcrypto.com\/the-true-implications-of-a-polygon-based-game-losing-it-all-in-a-rug-pull\/\">Continue reading <span class=\"sr-only\">&#8220;The true implications of a Polygon-based game losing it all in a rug pull&#8221;<\/span><\/a><\/p>\n","protected":false},"author":68,"featured_media":250857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-250838","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The true implications of a Polygon-based game losing it all in a rug pull - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Polygon, a decentralised Ethereum scaling platform, saw significant traction in 2022. 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