The auditing and testing of security updates to ensure the preservation of user assets when the agreement is reopened on the mainnet has now been completed, based on the #NFT lending platform ParaSpace.
The withdrawal timelock contract is being revised at the moment and will be assessed and tested in the coming days.
To maintain the platform's safety and security, the #ParaSpace team decided to reopen the protocol in stages, prioritizing repayment, supply, liquidation, lending, withdrawals, and timelock enhancements, in collaboration with the #BlockSec team and 12 other top security experts and auditors assembled by Secure3.
The team expects that all platform features will be ready by March 25. The platform's repayment function has been introduced in its initial step, with the purpose of allowing users to settle their debts while liquidation is still halted.
After the agreement is activated, ParaSpace will begin manually claiming and compounding #APE staking payouts for users in the APE pool. During the gradual reopening, users who just have APE in the APE pool will be able to benefit from automated compounding.
The team will also explain their reward program for consumers impacted by the protocol stop and phased implementation during an AMA tomorrow at 7:00 PM EDT.
On March 17, hackers attempted to compromise the Paraspace platform. Nonetheless, BlockSec immediately detected and stopped the hacker's scam, seizing possession of the 2,900 ETH ($5 million) that was going to be lost. BlockSec then notified the loan project, and Paraspace paused the protocol immediately to examine the issue. In line with the initiative, all NFTs deposited on the platform are secure.