HomeNEWSDeSyn Protocol launches on Ethereum mainnet

DeSyn Protocol launches on Ethereum mainnet

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In a blog post today, DeSyn protocol, a Web3 assets management platform announced its official launching on the Ethereum mainnet. The launching as revealed, manifested after blockchain analytical firms, Certik and Slowmist audited the security code of DeSyn’s smart contracts on different occasions.

The team waited for security assurance from the analytical firms before initiating the project. According to the announcement, DeSyn protocol aims to counter some shortcomings of traditionally managed ETFs/Portfolios. Some of these shortcomings include restricted access to global markets among many others. More so, the protocol is designed to aid on-chain innovations of DeFi asset management in ETFs and portfolios.

Additionally, the team, via the blog post posited that DeSyn supports users to seamlessly design and manage their investment portfolios based on smart contracts. Through the platform, users can as well have access to some prominent asset management features. These features include fundraising, investment, and withdrawal. While providing these features, the team prioritizes almost-free network participation, management and project designing to cut the cost of enjoying the aforementioned services.

Meanwhile, in celebration of the official takeoff, the team provided opportunities for users to win prizes through its airdrop program. The program currently avails about $100,000 USDT for grabs to early users of the protocol.

How DeSyn alongside the entire crypto community is working to prevent hacks on DeFi projects

It’s worth establishing that DeSyn will be joining other projects in the DeFi space. However, in recent times the sector has suffered heavy damage due to incessant attacks from hackers. As of October 2022, hackers stole about $3 billion from DeFi projects within the space of ten months. The attacks raised questions about the vulnerability of the DeFi projects to the illicit advances of hackers.

Nevertheless, the crypto community seems to have learnt lessons from its lapses last year. Now, projects are forming a synergy to combat the fraudulent activities of hackers in the industry. Early this week, Binance collaborated with Huobi global to halt the transfer of funds by hackers from their loot on popular DeFi project, Harmony One. Through the attempt, the two cryptocurrency exchanges stopped the North Korean hackers, Lazarus Group from getting away with 121 BTC.

Likewise, DeSyns seems to have learned from the shortcomings of the DeFi space last year. Consulting Certik and Slowmist for security check highlight why DeFi projects from time to time must hire analytical firms to audit their smart contracts. With that, loopholes that require urgent attention will surface before hackers explore them.

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