Articles about #DEFI

Binance Blockchain Week conference RECAP

21/10/2023

Home | News & Insights Binance Blockchain Week conference RECAP “WEB3 is not the future, but a reality that will help us in the future” Qinwen Wang — Web3 Foundation Leech Protocol participated in Europe’s largest Binance Blockchain Week conference, which is focused on WEB3. We had the opportunity to listen to the speeches of CEOs of leaders in their fields and found many companies with which we will be interacting in the work of creating our product. Let’s pay attention to some points. A very interesting opinion was expressed by Yat Siu (CEO at Outblaze, Animoca, Father, Trekker), who said that WEB3 now is like the Internet 20 years ago. Many people are new to it and many have questions, but like the internet once upon a time, Web3 is something that will enter the lives of more and more people and more users and companies will be represented in one form or another in the Web3 universe. He also gave the example of NFT auctions from Sotheby’s or Christie’s, the purchase of land in the Metaverses, which shows how strongly the physical world interacts with crypto. CZ, the head of Binance, drew attention to two points, saying that now the final stage of signing regulatory documents is taking place so that the entire crypto industry will be regulated by the laws of France and then the European Union. And this is definitely good news, as this process will benefit customers and companies that will work in this field. And he also said that during the crypto winter (which we are facing now) the best thing to do is to build a product. “Focus on construction. Focus on the product.”And we absolutely agree with that. And we work on it every day. What should you do next? Share: Twitter Facebook Telegram

How Leech Protocol Manages Security Issues

21/10/2023

Home | News & Insights How Leech Protocol Manages Security Issues: Security Deep Dive Outside of regulatory issues, the biggest risk facing DeFi at the moment is smart contract risk, or security risk. When real value is involved, users need to have complete confidence in a protocol’s security to deposit money into it. As one of the premiere cross-chain yield aggregator services, Leech Protocol takes security very seriously, and here we will examine the measures the team has taken to ensure safety of funds in the protocol. First, we analyzed 59 separate smart contract hacks. The team then documented the security vulnerability that resulted in each hack, so we could ensure Leech Protocol would not be defenseless against any of those attack vectors. These vulnerabilities can be divided into four groups: For each of these groups, we established various security measures. The loss of a users’ private keys Any private keys stored on our server are encrypted with several layers of protection; no one is able to access them. Additionally, all funds are stored in liquidity pools, which each have their own deposit and withdrawal address that is hashed for added security. Financial manipulation with flash loans The architecture of Leech Protocol and its heavy use of liquid stablecoins severely limit the opportunities for flash loan manipulation. Additionally, when adding new tokens to the protocol, there will be a slight delay in the accrual of rewards, preventing manipulation of the protocol using flash loans. Flaws in the smart contract code Because using Leech Protocol involves interacting with smart contracts, we have established good security measures around them. Every transaction is manually checked before being approved, and user’s deposits and withdrawals are validated through our backend server. Reward accruals occur only once in a given period using an algorithm. This does not depend on the user, and prevents flash loan manipulation, as previously mentioned. Even if a hacker exploits a smart contract, they will not be able to steal users’ funds, as funds are stored at the addresses of a particular pool, not in the smart contract. Human error We have removed the possibility for human error by ensuring that team members do not have access to the protocol keys. As previously stated, all keys are fully encrypted on our server and not accessible by anyone. Considering all of this, we are very confident in the security of Leech Protocol. We want to impress upon our community just how focused we are on our security since real value is involved, and how much attention we have given to it. What should you do next? Share: Twitter Facebook Telegram