Elys Network🔥 Is an L1 blockchain on the #Cosmos SDK and at the same time #DEX with a set of financial applications of the Cosmos ecosystem with unique features.
It is a universal blockchain that will allow users to use almost all Defi tools to fulfill their needs and access financial services.
Elys Network is committed to providing its users with both the necessary and versatile tools for full and seamless access to Defi financial services, as well as exclusive opportunities for income generation and financial independence. 🚀
$4.2b in crypto was stolen from Defi last year. How can you protect yourself and not lose money in #Defi ?
Many dApps rush to market without being audited, and in 99% of cases there is a vulnerability in the code and other flaws. This results in loss of customer assets.
Regardless of the professionalism of developers, the risks of bugs and holes in the code are always present. Therefore, smart contracts will be constantly under attack and the risk in Defi will be present all the time.
Amulet Protocol — Decentralized risk protection protocol deployed on the #Solana blockchain. The main function of the project is to provide simple and reliable coverage for everyone in #web3
And the Protocol does a great job with that. It has implemented risk coverage for smart contracts vulnerability and depegging of stablecoins. Other types of coverage for NFTs, wallets and metaverse are under development.
But the project is not limited to coverage only. The model of underwriting and claim
We are hearing more and more about #web3, the third-generation Internet concept, and the transition from web2 to web3 seems inevitable. Being in the era of web2, where our data is stored on centralized platforms, we cannot feel safe, unlike web3, where we can find decentralization and privacy.
Decentralized databases for us provide blockchain with its cryptocurrency and technology. The harsh reality is that the web3 ecosystem is now an unstable and risky environment for all of us.
In March, we witnessed #USDC depeg following the unexpected closure of Silicon Valley Bank. The thing is that the issuer of the stablecoin — Circle kept $3.3 billion assets in the bank. The company’s reserves decreased and USDC lost parity 1:1.
The liquidity outflow started. The situation created strong negativity around other stablecoins. The domino principle worked. A significant part of their collateral came from USDC. For example, #DAI by 48% was secured by USDC.